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U.S. Oil Export Ban Poised to Loosen With Mexico Request

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The 40-year old ban on most U.S. crude exports is set to be loosened after Mexico’s state-owned oil company asked for an exception.

Petroleos Mexicanos is in talks with the U.S. Commerce Department to import 100,000 barrels a day of light crude to increase Mexico’s gasoline production and improve refining. Pemex, as the world’s ninth-largest oil producer is known, would send its heavy oil to U.S. Gulf Coast refineries in exchange.