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Limitations' removal affects US oil exports in Jan
(MENAFN) U.S. monthly crude oil exports dropped to an average 364,000 bpd over Jan, the first full month of unfettered shipments since the nation repealed its 40-year-old trade limits on the commodity.
According to Bloomberg's recently released data, the cited month's cargoes touching nearly 11.3 million barrels marked a 7pct fall from U.S. crude exports throughout December.
Before to the U.S. revoking its trade limitations on crude exports in December, the country allowed cargoes to Canada and other nations, subject to firm licensing requirements.
"Soft prices, narrow spreads, falling domestic production and weak global demand undercut the case for U.S. crude exports, and January tends to be a weak month in any case," said a local economist.
According to Bloomberg's recently released data, the cited month's cargoes touching nearly 11.3 million barrels marked a 7pct fall from U.S. crude exports throughout December.
Before to the U.S. revoking its trade limitations on crude exports in December, the country allowed cargoes to Canada and other nations, subject to firm licensing requirements.
"Soft prices, narrow spreads, falling domestic production and weak global demand undercut the case for U.S. crude exports, and January tends to be a weak month in any case," said a local economist.
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