NEW YORK/HOUSTON (Reuters) – Oil major BP Plc has secured U.S. government permission to ship U.S. crude oil to Canada, and Royal Dutch Shell has applied for an export license, as rising production in the world’s top oil consumer upends global energy flows.
A surge in output from shale oil reserves in the Bakken of North Dakota and Eagle Ford of Texas has raised U.S. domestic production to the highest level since 1995.
While the United States still imports more than 8 million barrels of crude oil per day, a glut of light, sweet crude oil created by the controversial hydraulic fracturing or ‘fracking’ boom could fetch higher prices on international markets.
This summer BP Plc received a license to export crude oil to specific Canadian refineries from the Bureau of Industry and Security, a branch of the US Commerce Department, a…
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