Despite recent efforts to repeal the U.S. ban on crude oil exports, the restrictions remain firmly in place. Recently, however, the Bureau of Industry & Security (“BIS”) authorized exports of U.S. light crude oil in exchange for imports of Mexican heavy crude, causing a stir in the industry and some confusion regarding the legal context for such a crude oil “swap.” To provide some clarification, Reed Smith attorney Jeffrey Orenstein explains 10 things exporters need to know about crude oil swap licenses.
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