ConocoPhillips begins American oil exports


HOUSTON, December 31, 2015 – American independents ConocoPhilips and NuStar Energy said they have finished loading the first tanker of American crude to be exported 40 years.


The first American crude shipment will be delivered to Dutch oil trading company Vitol Group. NuStar said in a statement that its USD 10-million Corpus Christi facility and Texas pipeline system investment was well-positioned to immediately begin oil exports.

American President Barack Obama signed the legislation lifting the ban on oil exports two weeks ago, sparking worry that the global supply glut of oil will grow even larger in 2016, further driving down prices.