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The first U.S. export of Alaskan crude to South Korea after more than a decade departed the weekend of September 27, 2014, according to a report from Reuters.
South Korea's GS Caltex Corp will recieve 800,000 barrels of crude on October 10, 2014. Alaskan North Slope crude is largely excluded from the 40 year ban on U.S. oil exports. This export and recent similar activity may increase pressure to ease the ban, a move desired by some domestic producers in the U.S. in order to reach lucrative overseas markets.
Bids from Asian customers were higher than bids from domestic West Coast customers for the crude. South Korean refiners would like to diversify their supply, which currently relies heavily on Middle-Eastern crude.
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