US crude oil exports rise sharply.

FT: “US crude oil exports are flowing at the fastest rate in more than a decade in the latest sign of how the shale revolution is redrawing the world energy map.” “Foreign-bound shipments of US crude totalled 124,000 barrels per day in February, matching levels last reached in 2000, the US Department of Energy revealed in monthly data. All the exports went to Canada, the only destination where approval for exports is almost automatic under US law
….The shale drilling boom in states such as North Dakota and Texas has yielded a bounty of high-quality, low-sulphur crude that is ill-suited for many US refineries designed to process “sour” oils. Crude imports from Canada, a key supplier of “sour” barrels, hit an all-time high of 2.8m b/d in February, even as US imports overall dropped to a 17-year-low of 7.3m b/d.”