Mexico Expects U.S. Oil Swap, Another Crack in Crude Export Ban
Mexican state oil firm Pemex expects imminent approval from the U.S. Commerce Department to allow it to swap up to 100,000 barrels of heavy crude for a similar amount of lighter U.S. oil, what could be the latest milestone toward loosening the four-decades old ban on exporting U.S. oil.
"Our expectation is that it happens soon," Jose Manuel Carrera, CEO of Pemex's commercial arm P.M.I. Comercio Internacional, said in an interview Friday. "I would like to see the approval tomorrow, or I would have liked to see it yesterday, but the truth is that this is a permit that the United States unilaterally approves."
The Commerce Department's Bureau of Industry and Security, which oversees the process, on Wednesday declined to comment on the application.
The Mexican company hopes swaps will pave
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Submitted Mar 25, 2015 By: