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PR Newswire
31-12-2014, 11:55 AM
More supply from U.S and Canada?
Obama move on U.S. oil exports paves way for Canadian crude, too
NEW YORK - As the Obama administration issued landmark guidelines expected to open the door for selling more domestic shale oil abroad, it also likely smoothed the way for more Canadian crude to be shipped through U.S. ports.
Unlike crude produced domestically, oil from Canada is not limited by the longstanding U.S. ban on exports, and licenses to re-export foreign crude are granted routinely. However, many companies have been wary of such trade due to rules that prohibit mixing non-exportable domestic oil with foreign grades.
The risk of contaminating Canadian oil with a few drops of restricted U.S. crude, which accounts for most of what flows through U.S. oil pipelines and terminals, had deterred energy traders from attempting re-exports, they have said.
On Tuesday, the Commerce Department's Bureau of Industry and Security clarified for the first time that the prohibition on co-mingling was not absolute, issuing guidelines that allow "incidental" contact for foreign oil using the same infrastructure as domestic grades.
The agency said that "a minimal amount of mixing may occur due to incidental contact in pipelines and/or storage tanks when foreign and U.S. origin-oil is sequentially transported or stored in the same pipeline or tank."
The bureau said it encouraged applicants for re-export licenses to explain the precautions they are taking to ensure that U.S. oil is not mixed with the foreign-origin crude, other than incidental contact.
...
http://www.todayonline.com/business/obam...-crude-too
Obama move on U.S. oil exports paves way for Canadian crude, too
NEW YORK - As the Obama administration issued landmark guidelines expected to open the door for selling more domestic shale oil abroad, it also likely smoothed the way for more Canadian crude to be shipped through U.S. ports.
Unlike crude produced domestically, oil from Canada is not limited by the longstanding U.S. ban on exports, and licenses to re-export foreign crude are granted routinely. However, many companies have been wary of such trade due to rules that prohibit mixing non-exportable domestic oil with foreign grades.
The risk of contaminating Canadian oil with a few drops of restricted U.S. crude, which accounts for most of what flows through U.S. oil pipelines and terminals, had deterred energy traders from attempting re-exports, they have said.
On Tuesday, the Commerce Department's Bureau of Industry and Security clarified for the first time that the prohibition on co-mingling was not absolute, issuing guidelines that allow "incidental" contact for foreign oil using the same infrastructure as domestic grades.
The agency said that "a minimal amount of mixing may occur due to incidental contact in pipelines and/or storage tanks when foreign and U.S. origin-oil is sequentially transported or stored in the same pipeline or tank."
The bureau said it encouraged applicants for re-export licenses to explain the precautions they are taking to ensure that U.S. oil is not mixed with the foreign-origin crude, other than incidental contact.
...
http://www.todayonline.com/business/obam...-crude-too
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