US Import Of Nigerian Crude Falls To A 3-Year Low
America used to be the largest importer of Nigerian crude. But that changed after it started exploring its shale gas.
Their import of Nigeria’s crude has now dropped to its lowest level.
Specifically, the US slashed its import of Nigerian crude to 904,000 barrels and 1.74 million barrels in July and August respectively, down from 7.77 million barrels in June and a peak of 10.33 million barrels in February this year.
The US purchased a total of 45.79 million barrels of Nigerian crude in the first half of this year, down from 55.78 million barrels in the same period last year, according to latest data from the US Energy Information Administration on Friday.
Trade in Nigerian crude remained subdued on Thursday as a high volume of unsold cargoes kept buyers reluctant to step in, according to Reuters.
In the Nigerian market, traders estimated that nearly a quarter of the December programme remained available.
Offers for Nigerian Qua Iboe and Bonny Light, two of the nation’s grades, hovered around $1.65 a barrel above dated Brent, down from $1.70 earlier last week.
Recall that on Monday last week, the Department of Petroleum Resources said Nigeria had lost its most valued crude oil buyers.
The Director, DPR, Mr Mordecai Ladan, said the oil and gas industry seemed to be under a new threat, which he described as the renewed dislike and global war against fossil fuels and the quest for renewable and cleaner energy.
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