Nigeria Now Exporting More Crude Oil To America
It appears the coast is clear for Nigeria to resume reaping bountifully from its abundant crude oil deposits.
You see, part of the problem Nigeria had when the global oil prices went down was that America, which was one of Nigeria’s main importer, stopped importing Nigerian crude.
At that time, America was exploring its shale oil as well as opening its oil reserves.
But things are beginning to look up now and reports from America’s Energy Department show that the export of Nigerian crude oil to the United States rose by 56% to 13.67 million barrels in October last year, the highest level since February 2013.
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The latest data, which was obtained from the Energy Information Administration, showed that the country imported 8.76 million barrels of Nigerian crude in September, down from 12.29 million barrels in August.
The US imported a total of 28.53 million barrels of crude oil from Nigeria in the third quarter of last year, up from 18.88 million barrels in the same period in 2016; 10.13 million barrels in 2015; 5.10 million barrels in 2014; and 21.23 million in 2013.
The US import of Nigerian crude fell to 6.17 million in June 2013 from 10.115 million barrels in May and about 40 million barrels in March 2007.
For the first time in decades, the US did not purchase any barrel of Nigerian crude in July and August 2014 as well as in June 2015, according to the EIA data.
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