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US approves crude oil export swaps with Mexico

Oil

The US Commerce Department has said that it is �acting favourably on a number of applications� to export US crude in exchange for imported Mexican grades, the Wall Street Journal reports. The exchange will likely see heavy Mexican crude (which US refiners already import) exchanged for US light crude oil. Mexican state oil firm Pemex said in January that it was seeking an exchange of approximately 100K b/d. Argus reports that conditions on the approvals include an agreement that firms do not re-export the imported Mexican crude swapped for US grades. ��