10 Things Exporters Need To Know About Crude Oil Swap Licenses

Despite recent efforts to repeal the U.S. ban on crude oil exports, the restrictions remain firmly in place. Recently, however, the Bureau of Industry & Security ("BIS") authorized exports of U.S. light crude oil in exchange for imports of Mexican heavy crude, causing a stir in the industry and some confusion regarding the legal context for such a crude oil "swap." To provide some clarification, Reed Smith attorney Jeffrey Orenstein...

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