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Bloomberg: Exxon seeking long-term deals for U.S. oil exports

Published 08/08/2018, 05:55 PM
© Reuters.  Bloomberg: Exxon seeking long-term deals for U.S. oil exports
XOM
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  • Exxon Mobil (NYSE:XOM) has approached several Asian refiners to discuss long-term contracts for exports of light, sweet crude from the Permian Basin starting as early as this year, Bloomberg reports.
  • Long-term contracts - which involve the sale of cargoes of a certain quality, volume and price over a set period - for U.S. oil are uncommon, as most deals are done on a spot basis, depending on the relative cost of American supplies vs. cargoes from the Middle East and Asia.
  • XOM has been hiring senior traders and analysts in recent months to expand its operations beyond just selling its own crude and refined products and into proprietary trading, seeking to improve performance in an area that has lagged competitors.
  • Now read: Here's The Thing About Exxon Mobil


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