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Lifting of US crude export limits poses important questions for global oil markets

With Dave Ernsberger

December 21, 2015 15:00:59 EST (8:29)

The deal unveiled by US Congressional leaders to lift longstanding restrictions on US crude oil exports comes as a big surprise to global oil markets, where conventional wisdom has broadly been that the walls built 40 years ago around the US crude market were there to stay.

This agreement, tagged on to a massive government spending bill, is historically important for producers, refiners, distributors and consumers of oil in the US.

It also poses important new questions for the rest of the world -- where the US could, intriguingly, be jostling with Iran as the latest member of a cast of oil producers looking to find a home for surplus crude oil in, a world currently awash with oil.

Dave Ernsberger, Platts Global Head of Oil Content, looks at some of the most immediate and important impacts of the deal.

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