Shell applies for license to export U.S. crude oil

  • Royal Dutch Shell has applied to the U.S. government for a license to export domestic crude oil, a Shell spokeswoman announced on Thursday.

    "We have applied to the Department of Commerce to export domestic U.S. crude oil," said Shell spokeswoman Kayla Macke, adding that as a global commodity, imports and exports would follow supply and demand.

    Macke did not divulge information on export destinations or the volumes of crude involved.

    An increase in domestic production from shale oil reserves in the Bakken of North Dakota and Eagle Ford of Texas has led to an unexpected surplus of light, sweet crude in the United States.

    However, U.S. law prevents crude oil exports without a special license.