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Nigeria loses as US oil gets more buyers
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Nigeria loses as US oil gets more buyers

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Nigeria has lost some of its market share in Europe,  as crude oil exports from the United States penetrate more destinations.

The US Energy Information Administration said  the country exported crude oil to 26 different countries in 2016, compared with 10 countries the previous year.

Among the countries were buyers of Nigeria crude including Netherlands, China, Italy, the United Kingdom, Colombia, Singapore, Peru, France and Spain.

The Netherlands, which is one of the biggest European buyers of Nigerian crude, received 38,000 bpd of the US crude oil in 2016, making it the second-largest destination after Canada.

The US crude oil exports averaged 520,000 barrels per day in 2016, 55,000 bpd or 12 per cent above the 2015 level, despite a year-over-year decline in domestic crude oil production.

The country’s monthly import of Nigerian crude oil plunged to an average of 3.7 million barrels last year, up from 9.1 million barrels in 2015, data from the Nigerian National Petroleum Corporation showed.

Italy bought 23,000 bpd of the US crude oil; China imported 22,000 bpd, while the UK and Colombia purchased 17,000 bpd and 9,000bpd, respectively.

Singapore received 11,000 bpd of the US crude oil; Peru, 7,000 bpd; France, 7,000 and Spain bought 4,000 bpd, the EIA data indicated.

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