USA Lifting Ban Of Oil Exports To Mexico

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The U.S. Department of Commerce on Friday told Congress it plans to approve contracts to export crude oil to Mexico, lifting a four-decade, unofficial ban on selling oil south of the border. Officials familiar with the matter told The Wall Street Journal that the first such contract would allow Mexico’s national oil company, Petróleos Mexicanos SA, to enter into agreements with U.S. companies to exchange oil. A senior official told the Houston Chronicle that the Commerce Department’s move doesn’t require any new legislation, nor does it affect any existing trade laws between the two countries on a case-by-case basis. It also doesn’t change restrictions on exporting oil to other countries.



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