Why America Is Shunning Nigerian Crude Oil
It’s like America no longer fancies our black gold.
So, the US used to be one Nigeria’s biggest customers, importing large quantities of our crude oil.
But statistics now show that the US monthly crude oil import from Nigeria has fallen below 3.0 million barrels for the first time in more than two years, dropping by 62%.
The latest data from the US Energy Information Administration, EIA showed that the US bought 2.89 million barrels of Nigerian crude in May, the lowest since February 2016.
This may be because of increased oil production in the US, which has been booming at record levels in recent months, hitting 10.9 million barrels per day in June.
The country cut its oil imports from Nigeria by 62.08% to 3.92 million barrels in March, from 10.03 million barrels and 10.34 million barrels in January and February, respectively. It bought 7.75 million barrels in April.
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 imports 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.
The US imports 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 also showed.
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