US Cuts Nigerian Crude Oil Imports By 62%
The United States have cut its crude oil imports from Nigeria by 62.08% to 3.92 million barrels in March, the lowest monthly level since February 2016.
The latest data from the US Energy Information Administration showed that the country imported 10.03 million barrels and 10.34 million barrels in January and February, respectively. It bought as much as 13.34 million barrels in October last year.
The US purchased a total of 24.28 million barrels of Nigerian crude in the first three months of this year, down from 25.97 million barrels in the same period last year.
The import of Nigerian crude by the US rose by 48% to 112.92 million barrels last year, the highest annual level in five years, up from 75.81 million barrels in 2016 and 19.86 million barrels in 2015.
US import of Nigerian crude fell from 148.48 million barrels in 2012 to 87.40 million barrels in 2013 on the back of shale oil boom, the data showed.
In 2014, when global oil prices started to fall from a peak of $115 per barrel, Nigeria saw a further drop in the US imports of its crude to 21.2 million barrels.
For the first time in decades, the US did not purchase any barrel of Nigerian crude in July and August 2014 and June 2015, according to the EIA data.
In 2010, the US bought as much as 358.9 million barrels from Nigeria but slashed its imports to 280.1 million barrels in 2011.
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