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As U.S. Oil Glut Swells, Exxon Mobil Joins Race to Export Crude

  • Exxon ships U.S. crude into its refinery in the Mediterranean
  • U.S. crude stockpiles have risen to their highest since 1930
Updated on

Exxon Mobil Corp. has become the first major U.S. oil company to ship American crude overseas, joining a band of independent traders that are trying to ease a glut at home after a 40-year export ban was lifted.

Exxon shipped U.S. crude into a refinery it owns in Sicily, according to a person familiar with the matter and three traders and ship brokers. The Maran Sagitta oil tanker sailed in early February from Beaumont, Texas, where Exxon operates a refinery. It recently arrived in the Italian port of Augusta.