Mexico Crude Oil Swaps Not Likely To Affect Export Ban

Law360, New York (August 18, 2015, 4:22 PM EDT) -- R. Scott Nuzum

Mona Tandon

Lawrence G. Acker On August 14, 2015, the Obama administration announced that it would approve a number of crude oil “swaps” with Mexico. Pursuant to this approval, Mexico’s state-owned oil company, Petroleos Mexicanos (Pemex), will be able to exchange its heavy Maya crude for lighter U.S. crude and condensate, a move previously prohibited under the 40-year-old U.S. crude oil export ban. Although this is not the first oil swap to be approved with Mexico, this most recent approval comes as calls...
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