US Ships First Oil After 40-Year-Long Export Ban

  • Business & Finance

The first export cargo of U.S.-produced crude oil has departed the port of Corpus Christi on board Theo T crude oil tanker in less than two weeks since the lifting of the 40-year export ban.

The cargo of oil and condensate completed loading at NuStar’s North Beach Terminal located in the port of Corpus Christi on December 31, 2015 and left for Italy, where it is expected to arrive on January 20th, the ship’s AIS data shows.

The oil stems from ConocoPhillips’s wells in south Texas.

With this shipment NuStar and ConocoPhilips beat Enterprise Products Partners L.P. which announced its intention to load the first post-ban export cargo in January.

What is believed to be now the second 600,000 barrel cargo of domestic light crude oil is scheduled to load at the Enterprise Hydrocarbon Terminal (EHT) on the Houston Ship Channel during the first week of January 2016.

Both cargoes have been secured by oil trader giant Vitol SA.

World Maritime News Staff

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