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With Iran squeezed out, U.S. oil takes on new rivals in Europe

by_olga_yagova_and_devika_krishna_kumar
With Iran squeezed out, U.S. oil takes on new rivals in Europe

U.S. giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various U.S. crude grades and why they were suitable to replace part of Asia's long-standing supplies from the Middle East, Africa and Russia. As the oil industry gathers in London this month for the annual IP Week, U.S. crude producers may have every reason to toast the success of their campaign in Europe, as well as Asia. Only a few years ago, before the hydro-fracking and shale revolution overturned the economics of U.S. oil production, the United States was the world's largest oil importer by far and prohibited exports of oil by law.