BIS Announces that Crude Oil is now Classified as EAR99 and May be Exported from US Without a License
Of course, the normal restrictions on the export and reexport of EAR99 will apply and therefore no transactions involving embargoed countries or with restricted parties can occur.
The following is the text of BIS's announcement:
Effective immediately, pursuant to section 101 of Division O of the Consolidated Appropriations Act, 2016, signed on December 18, 2015, a Department of Commerce license is no longer required to export crude oil. Crude oil is now classified as EAR99. Most exports of crude oil may now be made as NLR (no license required).
Exporters should be aware that exports to embargoed or sanctioned countries or persons, including those listed in parts 744 and 746 of the EAR and persons subject to a denial of export privileges, continue to require authorization. BIS will shortly be taking steps to amend the Export Administration Regulations to reflect this change. Companies holding current licenses for crude oil exports should be aware of section 750.7(i) of the EAR terminating license conditions upon the termination of the requirement for the export license.