United States oil import from Nigeria drops to 4.7 mb – Guardian

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The United States (U.S.) crude oil import from Nigeria has declined from the 10.125 million barrels it recorded in April to 4.755 million barrels in May.

This is because, the U.S. has also begun exporting crude oil to other countries since the removal of restrictions.

Emphatically, the number of countries receiving exported U.S. crude oil has risen since its removal in December 2015.

Statistics from the Nigerian National Petroleum Corporation (NNPC) revealed that India with 7.7 million barrels (mb); Spain, 4.5mb; Netherland, 5.1mb were the biggest importers of the country’s crude oil in May this year.

Nigeria’s crude oil export also decreased from the 66.584 mb it recorded in April to 59.354mb in May.

The U.S. Energy Information Administration (EIA) said in a media statement yesterday, that crude oil exports have occurred despite relatively small price spreads between international and domestic crude oils, as well as other factors that should reduce crude oil exports such as, falling U.S. crude oil production and added cargo export costs.

Read more at http://guardian.ng/business-services/united-states-oil-import-from-nigeria-drops-to-4-7-mb/