WASHINGTON, December 31 (Sputnik) — The United States has eased the ban on the exportation of domestically produced oil, the US Department of Commerce's Bureau of Industry and Security (BIS) has stated.
The regulator said on Tuesday it had granted a license on exportation of "condensate", light shale oil, to several unspecified companies.
Global oil prices have fallen by almost half compared to the mid-2014 level. In November, the Organization of the Petroleum Exporting Countries (OPEC) decided to keep its production volumes unchanged, triggering an even sharper decline in oil prices.
The decision not to decrease oil output, heavily criticized even inside the OPEC, has been explained by the intention of the oil producing nations of the Persian Gulf to drive US shale oil out of the market by keeping prices at a low level for a limited period of time. Saudi Arabia and several other Gulf monarchies possess currency reserves worth hundreds billions of dollars, enough to ride out the slide in oil prices, while other oil-exporting countries like Venezuela and Russia are currently facing significant economic problems.
