Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,154,034 members, 7,821,574 topics. Date: Wednesday, 08 May 2024 at 03:12 PM

Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India (24557 Views)

Nigeria’s Crude Oil Export To India Plunges 54% / Dangote Group Sponsors Nigerians To India To Understudy Refinery Operations / Crude Oil Price Rise After Russia Agrees To OPEC Talk (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by amolak: 10:59am On Jun 26, 2015
FXStreet (Mumbai) - Nigeria has replaced Saudi Arabia as the largest crude oil supplier to India after its oil exports to India last month surged by nearly 200%, supplying some 745,000 barrels per day. It’s the first time in at least four years that Saudi Arabia, the world’s top crude exporter, has lost the top spot, Reuters reported.
The shift comes as more Indian refiners switch out their long-term contracts with Middle East suppliers in favor of African oil spot purchases.
Saudi Arabia also fell behind Russia and Angola last month as the largest crude supplier to China. The fuel-rich nation struggles to maintain market share in Asia as the gap narrows between the Middle East price marker and the international crude oil benchmark Brent.
India’s African oil imports rose to the highest in more than four years, from 15.5% in April to 26% in May with tankers mainly from Nigeria and Angola. Meanwhile, the share of Middle Eastern oil to India fell to 54% in May from 61% in April, with Saudi Arabia supplying some 732,400 barrels per day.

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=edb00e38-5b39-4cec-86af-a240a9c5f90f

4 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by hefty4real(m): 11:00am On Jun 26, 2015
So will this increase the price of crude oil?
Ans: The answer is still No
So y is this news angry
Carries his kunu with his goro and runs off thread

17 Likes 2 Shares

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by amolak: 11:03am On Jun 26, 2015
hefty4real:
Op Sauce?
source not sauce is there

16 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by hefty4real(m): 11:06am On Jun 26, 2015
amolak:
source not sauce is there
Wayo Op y you modify am?

Anyway Lalasticlala

5 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Nobody: 11:07am On Jun 26, 2015
there wud come a time when crude oil becomes useless or not as expensive as it used to be. THEN, Nigeria wud be in deep shi.t

4 Likes 1 Share

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by ayusco85(m): 11:14am On Jun 26, 2015
amolak:
FXStreet (Mumbai) - Nigeria has replaced Saudi Arabia as the largest crude oil supplier to India after its oil exports to India last month surged by nearly 200%, supplying some 745,000 barrels per day. It’s the first time in at least four years that Saudi Arabia, the world’s top crude exporter, has lost the top spot, Reuters reported.
The shift comes as more Indian refiners switch out their long-term contracts with Middle East suppliers in favor of African oil spot purchases.
Saudi Arabia also fell behind Russia and Angola last month as the largest crude supplier to China. The fuel-rich nation struggles to maintain market share in Asia as the gap narrows between the Middle East price marker and the international crude oil benchmark Brent.
India’s African oil imports rose to the highest in more than four years, from 15.5% in April to 26% in May with tankers mainly from Nigeria and Angola. Meanwhile, the share of Middle Eastern oil to India fell to 54% in May from 61% in April, with Saudi Arabia supplying some 732,400 barrels per day.
http://www.fxstreet.com/news/forex-news/article.aspx?storyid=edb00e38-5b39-4cec-86af-a240a9c5f90f

That's good news for our economy. Hope the money will be put to good use and the masses will feel the impact. I trust Baba Buhari sha.

9 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Feranmicharles(m): 11:14am On Jun 26, 2015
Is it gonna be profitable for us

If is still no.... Sorry,angry this no news

1 Like 1 Share

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Nobody: 11:14am On Jun 26, 2015
And the monies from these trades are entering a few bellies.

Is this news suppose to give Nigerians Joy or hope?

Upon all these news we still dey queue for Fuel.

We are waiting Patiently for Baba to deliver on his promise sha.

1 Like

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by SlyCharlie(m): 11:14am On Jun 26, 2015
Thats good to know.....
But how does that affect us :/
Huh.....
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by barry40: 11:14am On Jun 26, 2015
[size=18pt]It is not the quantity we supply that matters but what we do with the proceeds. For entrepreneurs/prospective entrepreneurs in the house, don't forget to take your daily nugget at www.businessinfohub.com[/size]

5 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Ezenwammadu(m): 11:14am On Jun 26, 2015
AregbeRascal the king of debt must be rejoicing now

9 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by omoadeleye(m): 11:15am On Jun 26, 2015
Wow, this call for celebration, dancing shoki...



Shey una dan dey ok with dat?
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by kulobyno: 11:15am On Jun 26, 2015
Change. That's a good one
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by olapluto(m): 11:15am On Jun 26, 2015
Sai Baba. I am sure Buhari is working. India is a big market.

5 Likes 1 Share

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by omanifrank(m): 11:15am On Jun 26, 2015
wao
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Damianobi(m): 11:15am On Jun 26, 2015
GOD BLESS NIGERIA.

With time, e go beta.
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Burger01(m): 11:15am On Jun 26, 2015
Change! cheesy
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Nobody: 11:15am On Jun 26, 2015
[size=16pt]Don't rejoice please.[/size]

India is just as poor as Nigeria. And anyway.....everyone is producing oil.

Nigeria should stop looking to other countries to save us.Instead...let us save ourselves by developing an industrial economy.

Resource dependency leaves you dependent.

This is not good news.

8 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Nobody: 11:16am On Jun 26, 2015
I'm so happy I'm from Niger-delta.


Without our oil no Nigeria.-

Biafra need a country because of us, but God won't allow them

North are killing them selves cos dey need Amnesty money but they gonna die more cos God pass them

West praying for oil in lagos but it can't happen.

God bless Niger delta

God bless my state delta state

7 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by BashirAhmad1(m): 11:16am On Jun 26, 2015
All this happening even before Baba appoint his cabinets, really there are bright future ahead. I see Nigeria taking over everything from other countries. I see Nigeria becoming one of the world super power. I see Nigeria competing with USA, UK, KSA and rest. I see hope filled all over Nigerians' faces.

Baba can do it!

4 Likes 1 Share

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Pope22(m): 11:16am On Jun 26, 2015
We are now enjoying the good governance of Goodluck Jonathan!!

2 Likes

Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by berrystunn(m): 11:16am On Jun 26, 2015
what's the profit?
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Billygee2u: 11:17am On Jun 26, 2015
good
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Nobody: 11:17am On Jun 26, 2015
That's good but we are tired of oil economy
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by berrystunn(m): 11:17am On Jun 26, 2015
kulobyno:
Change. That's a good one


change from who?
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Feranmicharles(m): 11:17am On Jun 26, 2015
amolak:
source not sauce is there
he's correclty right,sauce adds aroma and sweetness to any soup,so is source. He's jus using indirect speechangry
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by gen2briz(m): 11:17am On Jun 26, 2015
Any special benefits?
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Nobody: 11:18am On Jun 26, 2015
Pope22:
We are now enjoying the good governance of Goodluck Jonathan!!
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by Emekamex(m): 11:18am On Jun 26, 2015
More money for legislooters to steal
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by KingEbukasBlog(m): 11:18am On Jun 26, 2015
grin
Re: Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India by berrystunn(m): 11:18am On Jun 26, 2015
olapluto:
Sai Baba. I am sure Buhari is working. India is a big market.


Tah....so you think is from baba?

(1) (2) (3) (4) (Reply)

Aliko Dangote Donates 1 Million Bags Of Rice To Nigerians / Is There A Work-at-home (online Job) Opportunities In Nigeria / Panama Papers: Wale Tinubu Operated 12 Shell Companies In Tax Havens

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 20
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.