U.S. dominates crude oil export, while Nigeria loses.

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|By Okafor Joseph|Lensng.com|March 30,2017| 12:46AM

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U.S. dominates the crude oil export making them the world biggest crude oil export above Nigeria.

Nigerian National Petroleum Corporation’s (NNPC) affirms that Nigeria is fast losing its favourite oil export destinations to the United States (U.S.), which used to be the country’s biggest importer of crude and that China, Peru, and Japan have totally stopped importing crude oil from Nigeria.

Furthermore other countries like The Netherlands, United Kingdom (U.K.), China, Italy, and Switzerland are also importing from the U.S. The latest Energy Information Administration (EIA) report also showed that these countries have continued to maintain a healthy import profile with the U.S.

Due to the current glut in the global oil market, it may be difficult for Nigeria to a  secure new partners for destinations for its crude.

Already, the initial heat from the oil producers’ production freeze is wearing, and oil prices are beginning to shed weight, but Nigeria will remain healthy for as long as prices don’t fall below the 2017 budget benchmark of $44.5/barrel.

 

 

 

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