US imports $2.7bn Nigerian crude in 6 months, as Shale boom-inspired retreat wanes

The United States’ import of Nigeria’s crude oil increased by 32.1 per cent to 52.36 million barrels in the first half of 2017 compared to the same period in 2016, a development that points to a post-Shale boom re-establishment of increased crude transactions with Nigeria.

The US Energy Information Administration, the statistical arm of the Energy Department, revealed this in its latest data.

It stated that the country bought a record 10.24 million barrels of crude from Nigeria in March, the highest monthly import since July 2013.

It imported 9.78 million barrels in January; 5.96 million barrels in February; 9.16 million barrels in April; 8.69 million barrels in May and 8.53 million barrels in June.

By international market price index within the period, Bonny Light, Nigeria’s main export grade, averaging $51 per barrel in the first half of the year, the 52.36 million barrels imported by the US translate to earnings of about $2.67bn for the country.

Read also: FMCGs, banks lead as equities rally N765b gain in Q3

The data shows that the US almost tripled the volume of crude oil bought from Nigeria in 2016, with the biggest monthly import of 8.43 million barrels in July. It imported 76.9 million barrels of Nigeria’s oil last year, up from 19.9 million barrels in 2015.

In recent years, starting from 2012, Nigeria witnessed significant reduction in US imports of its crude following the shale oil production boom.

US import of Nigeria’s crude fell to 6.17 million in June 2013 from 10.115 million barrels in May, and about 40 million barrels in March 2007.

In 2014, when global oil prices started to fall from a peak of $115 per barrel, Nigeria saw a further drop in US imports of its crude from 87.4 million barrels in 2013 to a record low of 21.2 million barrels.

The situation declined to the point that for the first time in decades, the US did not purchase any barrel of Nigeria’s crude in July and August of 2014, and June 2015.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now