The recent rebound in U.S. crude production following freezing weather has meant a surge supplies of U.S. light crude — a key rival for Nigeria — toward Europe, the International Energy Agency said in its monthly report on Wednesday.
That’s compounding already-slow sales of Nigerian crude to Europe, where buying has been weaker for months as refineries ran at low processing rates amid the pandemic.
According to the EIA, U.S. crude oil production averaged 11.0 million barrels per day (b/d) last week, 100,000 barrels more than the previous week and down by 1.3 million b/d this time last year.
The United States has become a major oil producer in the past years with the help of its shale oil production growth. Meanwhile, China continues to be one of the world’s biggest oil consumers.
According to the latest release from the Chinese National Bureau of Statistics, China’s crude oil output grew 0.4 percent year on year to 32.08 million tonnes in the first two months of this year. Enditem