A company planning exports of so-called condensate from the United States said it's operating according to precedent, though laws may be on the cusp of change.

Data from the American Petroleum Institute show U.S. oil production is around 9.1 million barrels per day, the highest rate in roughly 40 years and an increase of more than 14 percent from last year.

The increase in oil production is a direct result of activities in shale basins, notably the Eagle Ford and Bakken reserve areas in Texas and North Dakota, respectively. Conservative lawmakers have said the increase in a production means it's time to relax laws that restrict crude oil exports.

Arab members of the Organization of Petroleum Exporting Countries in the early 1970s placed an embargo on oil exports in response to U.S. policies on Israel. In response, the U.S. Congress passed legislation that places restrictions on crude oil exports from domestic sources.

There are no restrictions on petroleum products like gasoline, however. In early November, Australian company BHP Billiton said it concluded that condensate, an ultra-light grade of crude oil taken from the Eagle Ford shale play in Texas, was legally eligible for exports

The U.S. Commerce Department's Bureau of Industry and Security said in a policy overview Tuesday condensate is classified as a crude oil.

"Condensate that has been processed through a crude oil distillation tower is not crude oil but a petroleum product," it said. "Petroleum products are subject to few export restrictions."

Last month, the U.S. Energy Information Administration said it was assessing the impact of a "possible relaxation of current limitations on U.S. crude oil exports, which is another avenue to accommodate domestic production growth."

The BIS statement was seen as a further step toward easing restrictions on oil exports from the United States.

Jamie Webster, research director at IHS Energy, told UPI the Commerce Department is tacitly asking companies to get creative with classification to facilitate potential exports.

"This [BIS statement] could be a building block in the step toward liberalizing exports," he said.

Late last year, U.S. Energy Secretary Ernest Moniz said policies on oil exports may be dated. A spokesperson for BHP Billiton said, however, the necessary rules were in place already

"U.S. law permits, and has always permitted, exporters to self-classify [oils]," the spokesperson told UPI Wednesday. "Self-classification is how the vast majority of export classifications are made."

In June, Pioneer Natural Resources and Enterprise Products Partners were authorized by BIS to export condensate.

Webster added that some companies may explore swapping one type of oil for another in order to facilitate exports from certain markets within the United States. BHP, for its part, said it worked through "robust due diligence, secured a dedicated supply chain, and have taken steps to ensure the quality of our product for export."

The U.S. oil industry argues repealing the ban would have a net positive effect on the U.S. economy. Those in the refining sector, meanwhile, argue oil prices will increase, refiners will reduce gasoline production in response and domestic prices for gasoline will increase if the ban is repealed.