And this is just the beginning… Exxon Mobil Corp. has become the first major U.S. oil company to ship American crude overseas, joining a band of independent traders that are trying to ease a glut at home after a 40-year export ban was lifted.

Oil traders are shipping West Texas Intermediate to refiners in the Mediterranean to profit from the difference in crude prices between the two regions. A glut of WTI has pushed up U.S. stockpiles to a record, depressing the price of the U.S. benchmark relative to European Brent crude.

The exports into Europe follow a congressional deal in December to lift a 1970s-era prohibition on overseas shipments and a movement in relative prices between the U.S. and Europe making exports profitable.

Read more at http://www.bloomberg.com/news/articles/2016-03-03/as-oil-glut-swells-exxon-joins-race-to-export-american-crude