Swiss Oil Trader Vitol Biggest Buyer So Far for U.S. Shale Crude
- Vitol captured first two shale oil cargoes post-export ban
- 40-year export prohibition was lifted this month by Congress
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A Swiss trader of everything from gasoline to sugar is the first overseas buyer to export U.S. shale oil since a 40-year ban on most shipments was lifted less than two weeks ago.
Vitol Group, which owns stakes in refineries from Belgium to the Persian Gulf to Australia, has agreed to buy two cargoes of U.S.-sourced crude, the first of which will be ready to sail as soon as Thursday. ConocoPhillips will supply the first tanker-load, made up of crude and a type of ultra-light oil known as condensate from wells in the Eagle Ford Shale formation in south Texas, according to a statement by the Houston-based company.