Lifting the oil export ban could encourage more domestic output in the long term as prices rebound from their recent lows. Increased U.S. oil activity should also help save some jobs in the energy industry. The dramatic drop in oil prices has left the the energy and mining industry reeling from over 100,000 job cuts in the past year. "This is a bit of a lifeline for U.S. producers," said Joe McMonigle, who served as chief of staff of the Energy Department under former President George W. Bush. Not everyone in the energy industry supports lifting the export ban. U.S. refiners want to keep it in place because they've benefited from being able to buy oil at the cheaper domestic price and then sell it at the higher global price.
Oil prices declined on Wednesday after a slight increase in the previous session amid a surprise surge in US crude inventories reported last week.
After rising to over $72 per barrel yesterday, Brent oil went back on the dropping track, as the American Petroleum Institute revealed a rise of over 600,000 barrels in US crude stockpiles last week.
Meanwhile, Libya reopened its ports and started exporting oil again after the closures of its oil field. The country’s National Oil Corporation announced its force majeure on exports from Zawiya oil terminal on Tuesday, in a bid to boosting national production.
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