UAE Dismisses US Oil Exports

UAE Dismisses US Oil Exports

The end of an oil export ban in the US will not affect market fundamentals, the UAE's Energy Minister said on Tuesday. "As for the decision in the US, every country has the right to take their own decisions. We do not see this will change the supply and demand balance," Suhail bin Mohammed al-Mazroui told reporters following the US Congress' Friday vote to repeal the 40-year ban on exporting US crude oil, Reuters reported. Mazroui added that he hoped the oil market would balance during 2016, but the market would have to wait. The US Congress voted on Friday to repeal the 40-year ban on exporting crude oil in a U-turn in energy policy sought by Republicans as part of a bipartisan deal that also provided unprecedented tax incentives for wind and solar power. The Senate, on a 65-33 vote, approved lifting the ban and providing five-year extensions of tax breaks to boost renewable energy development as part of a $1.8 trillion government spending and tax relief bill.


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