US lifts 40-year oil export ban

The US has changed its mind regarding a 40-year old oil export ban.

Two companies have been given permission by the government to begin exporting condensate, which is an ultra-light oil that has been only partially refined to remove gases and stabilize it.

The condensate will be processed from Mexico and Venezuela.

The US oil exports ban was emplaced 40 years ago as a response to the Arab oil embargo. Many politicians still want the ban to remain in place.

However, the US now has such high reserves of extra shale oil that analysts expect it to become the world’s top producer, overtaking the current leaders, Saudi Arabia and Russia.