First U.S. crude oil set to be exported in January after law change

HOUSTON -- Enterprise Products Partners has secured its first contract to export crude oil produced in the U.S. under a law enacted last week. The law, which was signed by President Obama on Friday, repealed decades-old export restrictions.

 

The 600,000 bbl cargo of domestic light crude oil is scheduled to load at the Enterprise Hydrocarbon Terminal (EHT) on the Houston Ship Channel during the first week of January 2016.

 

“We are excited to announce our first contract to export U.S. crude oil, which to our knowledge may be the first export cargo of U.S. crude oil from the Gulf Coast in almost 40 years,” said A.J. “Jim” Teague, COO of Enterprise’s general partner. “Enterprise’s integrated system enabled us to quickly respond to customer demand for U.S. crude oil by international markets.”

 

“We applaud the actions of Congress and President Obama to remove the ban on U.S. crude oil exports,” Teague said. “This law facilitates economic growth and job creation for the United States as well as enhances our national and energy security. This action provides new markets to domestic producers, especially producers of light crude oil, and will provide global markets with supply diversification.”