• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 21 mins Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 8 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 46 mins Could Venezuela become a net oil importer?
  • 24 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 10 hours Why is permian oil "locked in" when refineries abound?
  • 3 hours Saudi Arabia turns to solar
  • 1 min Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 hours Teapots Cut U.S. Oil Shipments
  • 12 hours Oil prices going down
  • 35 mins China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 17 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 13 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 1 day U.S. Withdraws From U.N. Human Rights Council
  • 2 hours EVs Could Help Coal Demand
  • 23 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 13 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
Alt Text

$1 Billion Copper Mine Deal In The Making Here

As the global divestment in…

Alt Text

Is Nigeria Moving From Oil Into Gold?

Nigeria is looking to diversify…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

This Huge Oil Buyer Is Appearing Nextdoor To The U.S.

America’s crude oil production has surged 70% since 2009. And that’s left E&P firms scrambling to find markets to sell this supply.

There may be one more option emerging on that front, judging from news late last week.

Mexico.

A group of 21 U.S. senators has reportedly sent a request to the national Secretary of Commerce. Asking that the Obama government consider allowing American crude to be shipped south to Mexican consumers.

The formal letter was triggered by a request from an affiliate of Mexican state oil firm Pemex. Which is asking that it be allowed to swap 100,000 barrels per day of heavy Mexican crude for light oil and condensates produced in the U.S. Related: North American Energy Integration Could Bring The Planet To Its Knees

Under existing trade law, such swaps can be approved by regulators on a case-by-case basis. With the group of senators asking that the deal be given permission to proceed.

But the senators went further in their request letter. Suggesting that the Obama administration should consider allowing wholesale exports of U.S. crude into Mexico.

They pointed to the fact that a similar exemption to the U.S. oil export ban has been granted to Canada. With shipments north of the border having been allowed since Reagan administration approval in 1985. Related: Renewed Calls To Allow US Crude Exports To Mexico

If a Mexican export exception was granted, it would be a very significant development for the E&P sector. With cross-border flows almost certain to provide a sizeable outlet for surging U.S. supply — and possibly help to raise North American prices.

Of course there’s no guarantee that any such approval will come as a result of the senators’ request. For the moment, this is a development to keep one eye on, pending further rulings from Commerce.

Here’s to going south, young trader,

Dave Forest

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News