US Slashes Oil Imports From Nigeria By 62 Percent

Nigeria’s monthly exportation of crude oil to the US slumped to 3.92 million barrels, a decline of 62 percent, the first time in two years.

This comes as the US increased its oil production in recent times. Oil production in the US has hit record highs these passing months.

In June alone, about 10.9 million barrels were produced per day.

According to figures from the US Energy Information Administration, the country procured 2.89 million barrels of the Nigerian crude in May, the lowest since February 2016.

Further figures show that the 3.92 percent fall in March was against the 10.03 million barrels and 10.34 million barrels recorded in January and February in that order.

In addition, Nigeria’s April oil exportation to the US stood at 7.75 million barrels.

On the whole, the US bought 24.28 million barrels of Nigerian crude between January and March 2018.

This is in contrast to the 25.97 million barrels purchased at the same time last year.

US importation of Nigerian crude increased by 48 percent to 112.92 million barrels in 2017, the highest in five years.

That meant a rise from 75.81 million barrels in 2016 and 19.86 million barrels in 2015.





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