The United States in 2015 lifted a 40-year-old ban on seaborne crude exports. MEES examines the impact on global oil trade of this momentous development.

At first glance the impact on global markets of the late-2015 decision to end a 40-year ban on US crude exports has been relatively muted, coming as it did at the same time as a fall in domestic output from its early 2015 peak. But as US output rebounds – it is already 200,000 b/d up from its September low and the IEA predicts it...