Oklahoma City-based Continental Resources, Inc. announced Thursday that the company has sold its second cargo of crude oil for export from North Dakota’s Bakken shale region.
Continental plans to sell 430,000 barrels of oil (Bo) for January delivery to international markets. The sale transaction will take place at the crude oil storage tank hub facility in Cushing, Oklahoma. The buyer and destination for this second sale remain undisclosed.
This news follows an October announcement regarding the sale of 1,005,000 barrels of Bakken crude oil by Continental to Atlantic Trading and Marketing, which intends to export the oil to China.
“International markets are demonstrating accelerated interest in American light sweet oil, and Continental is currently negotiating additional potential sales,” said Harold Hamm, Continental’s Chairman and Chief Executive Officer. “This is the new reality of the United States as a world energy leader.”
In December of 2015, the U.S. lifted its ban on oil exports, allowing foreign sales to be transacted without a license. Oil exports have grown steadily in the past two years, primarily to foreign refineries configured specifically to process light sweet crude oil.
“We expect steady U.S. production and increasing international sales will drive down U.S. inventories and help correct the recent disparity between Brent and WTI prices,” said Hamm. “Increasing export volumes will also help reduce America’s foreign trade deficit.”