Nigeria Loses Oil buyers to the US

Nigeria Loses Oil buyers to the US

Being busy trying to evolve back from all the militant attacks that Nigeria has been facing, US crude oil exports ceased the opportunity and took over destinations that used to be dominated by Nigeria,    Oil Price reported.

According to The Guardian, The Nigerian National Petroleum Corporation’s (NNPC) crude oil export destination report showed that China, Peru, and Japan are no longer importing crude oil from Nigeria.

Considering the glut in the global oil market, Nigeria might start seeking new destinations for its crude exports. “The current realities make it most imperative for our local refining capacity for petroleum products to be up scaled,” Former President, Nigerian Association of Petroleum Explorationists (NAPE), Nosa Omorodion, commented.

Furthermore, Nigeria’s crude exports are expected to rise to 1.66mb/d in May from 1.61mb/d planned for shipping in April.


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