The US is slowly loosening its grip on the 40-year ban against crude oil exports. But the Americans could face an unexpected rival in Iran, which after being - and still being - subject to sanctions from the West, is currently selling cheap high quality oil to the Chinese.

A development that could challenge the United States' plans for crude oil exports, where the country has at first opened up for the export of a crude oil condensate, which leaves little room on the Chinese market, according to Reuters.