This first-ever shipment of Israeli crude oil marks a new era for the country as it begins to explore its newfound energy resources more fully. It also signals a new era of cooperation between Israel and its neighbors in the region.
In a historic move, Israel has launched its first-ever export of crude oil, sending a shipment to Europe originating from an offshore field in the eastern Mediterranean Sea. The oil was sold to commodities giant Vitol through a multi-cargo agreement and is expected to be valued close to the global average price for crude. The move follows a deal brokered last October between Israel and Lebanon -- two longtime adversaries that are officially at war -- to take advantage of gas and oil deposits discovered off their Mediterranean coasts. Now, Israel is able to self-sufficiently produce natural gas, which has been exported for years. This first shipment of Israeli crude oil marks a new era for the country as it begins to explore its newfound energy resources more fully, and also signals a new era of cooperation between Israel and its neighbors in the region.