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Oil export from US to begin from Jan. 2016

Oil export from US to begin from Jan. 2016

Construction of Turkish Stream’s maritime part to begin in second half of 2017 (07 December 2016 12:46)

Date: 24 December 2015 18:27

Baku, Azerbaijan, Dec. 24

Trend:

Texas’s energy company Enterprise Products Partners LP announced about signing an export contract, by becoming the first exporter of oil from the US for the past 40 years, RIA Novosti reported with reference to the Wall Street Journal.

It was announced about the deal less than in a week after lifting of the embargo on oil exports, which has been in force since 1975, the statement said.

The company plans to ship 600,000 barrels of oil, produced in South Texas, from a terminal in Houston during the first week in January 2016.

According to The Wall Street Journal, Dutch company Vitol Group is a buyer of oil to be supplied to Switzerland.

The US will be able to compete with Saudi Arabia, Russia and Iran on the oil market.

The countries of South America, in particular Mexico, rather than the European countries, will be the main sales markets.

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