Energy  

U.S. imports 234,000 barrels of oil from Nigeria

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Oil barrels

The United States (U.S.) imported about 234,000 barrels of crude oil from Nigeria in the month of June 2016, according to the country’s Energy Information Administration (EIA).

This is however, a drop from its crude oil imports from Nigeria in May and April, which were 241,000 and 218,000 respectively.

EIA said in its Petroleum and Other Liquids report, released at the weekend, that Canada remained the largest exporter of petroleum to the United States in June; at 3.485 million barrels per day.

It noted that the second largest exporter of total petroleum was Saudi Arabia with 1.104 million barrels per day.

It stated: “Monthly data on the origins of crude oil imports in June 2016 show that two countries – Canada and Saudi Arabia, exported more than one million barrels per day to the United States.

The top five exporting countries accounted for 77 per cent of United States crude oil imports in June while the top 10 sources accounted for approximately 93 per cent of all U.S. crude oil imports.

“The remaining top ten sources, in order, were Iraq, 434,000; Nigeria, 234,000; Ecuador, 223,000; Brazil, 159,000 and Kuwait, 135,000.”

It put the U.S total crude oil imports at 7.611 million barrels per day in June, which was a decrease of 335,000 per day from imports during June 2016.

The EIA said that Europe remained the largest regional importer of Nigerian crude oil. “In 2015, Europe imported slightly more than 800,000 bpd of crude oil and condensate from Nigeria, accounting for 41 per cent of Nigerian exports,” it added.

It explained that in 2015, Nigeria exported 1.98 million bpd of crude oil and condensate, according to data from Lloyd’s List Intelligence.

It disclosed that India is the largest importer of Nigeria’s oil, purchasing almost 400,000 bpd or 20 per cent of Nigeria’s total crude exports in 2015.

“The United States was traditionally the largest importer of Nigerian, but this reversed once U.S. production largely displaced imports of light, sweet crude oil.

“The United States fell from the largest importer of Nigerian crude oil in 2012 to the 10th largest in 2015. Europe continued to be the largest-regional importer of Nigerian oil, importing slightly more than 800,000 bpd or 41 per cent of Nigerian exports in 2015.

“Nigeria has been an important oil supplier to the United States, but the absolute volume and the share of U.S. imports from Nigeria have fallen substantially in recent years.

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