Crude imports surges to four-year monthly highest

The importation of Nigeria’s crude by the United States has hit the highest in about four years buoyed by the talks of $600 million fighter jets’ deal between the two countries. The latest data released by the U.S. agency, Energy Information Administra-tion (EIA), showed that Nigeria is now the fourth highest exporter of crude among members of the Organisation of Petroleum Exporting Countries (OPEC) to the U.S.

Washington, the EIA data revealed, imported an average of 332,032 barrels daily, translating to 10.293 million barrels of Nigeria’s crude last January. The last time the country exported close to this figure of crude barrels from Nigeria was June 2013.

This surge in Nigeria’s crude exports, which a source at the Presidency said, was linked to the talks by the Federal Government to buy fighter jets from the U.S. “The United States had agreed to sell high-tech aircraft to Nigeria to tackle the Boko Haram insurgency in the North-East.

Expectedly, this would rub-off on other bilateral relationship between Washington and Abuja including purchase of more sweet crude from Nigeria,” he said. Noting that the 10.293 million barrels imports was the highest in 43 months, the EIA has picked Friday, April 28 as the date for the release of new imports data, which shows the imports in February and March. Out of 331.634 million total barrels of crude imported by the U.S., according to January figure, 64.638 million barrels came from Persian Gulf while 117.578 million came from members of the OPEC.

Non-OPEC countries exported 214.056 million barrels to the U.S in the month. “Nigeria is the fourth highest OPEC crude exporter to the U.S. during the period under review,” EIA data showed. Saudi Arabia recorded the highest exports to US with 41.696 million barrels, followed by Venezuela, which sent 23.227 million barrels of its crude to the States. Another OPEC country that sold more crude to the US in January was Iraq with 19.286 million barrels.

The United States, hitherto biggest importer of crude from Nigeria, had in June 2013, crashed imports of Nigeria’s crude to 246,500 barrels daily, dashing the Federal Government’s hope of export recovery to the US.

The document of the EIA sighted by this newspaper, which revealed this, noted that Washington had then raised its in-country production to 8.904million barrels daily. This crude output, the document added, rose for the second consecutive month last November, a period that the US reduced its imports from Nigeria to 246,500 barrels daily.

The import stood at 298,645 barrels daily in July 2015. The country consumed over one million barrels daily crude from Nigeria in March 2007, when it began to shun crude imports and focused on shale-crude production.

“The crude imports from Nigeria stood at 7.395 million barrels in November. The import was 9.258 thousand in July 2016,” the EIA document showed. Nigeria had diverted to Asia market for the sale of its oil, while it did not rule out bigger market opportunity in the US. Last December, the US imported 7.6 million barrels of crude oil from Nigeria, while Washington imported 10.293 million barrels in January, 2017, the month Donald Trump was inaugurated as President of the United States, the EIA document showed.

This is, however, a surge from its crude oil imports from Nigeria since June 2014. The report showed that in May and April 2016, the US imports from Nigeria stood at 241,000 and 218,000 per day 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.

The top five exporting countries accounted for 77 per cent of US 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 said. 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.

https://newtelegraphonline.com/news/600m-jets-deal-raises-us-imports-nigerias-crude/

make we buy them F16's, lets see how them boko boys and militants will survive an airstrike with precision

This is what Jonathan could not achieve

Diversification of Economy is the only way and this is the best time.

Keneking:
This is what Jonathan could not achieve

Sai baba

God bless muhammad buhari

CriticMaestro:
make we buy them F16's, lets see how them boko boys and militants will survive an airstrike with precision

Boko is not a conventional war

It's a kind of guerrilla warfare

That's why it's very hard to combat

It involves a lot of intelligence gathering

Keneking:
This is what Jonathan could not achieve

True that because Jonathan was intelligent, humble, charismatic, caring, he cared for the homeless, poor, the unemployed, he didnt have a shoe, he had no house, as at when he handed over , he only had one 3 bed-room flat and 1 Million Naira in his account, he saved the rest to be used to make Nigeria a nice place, he saved more than 80 Billion Dollars in our reserves, he was prudent and smart, he was the best president in the history of the whole world, he fought corruption more than any president on earth, he is the most sought president in the whole world, Americans are begging him to come and help them run their economy, he handed over peacefully, he never stole because stealing is not corruption, Jonathan the Hero of the whole world, read the opposite of my post, go figure out the riddle

sarrki:


Boko is not a conventional war

It's a kind of guerrilla warfare

That's why it's very hard to combat

It involves a lot of intelligence gathering

Goan sleep my friend, at the start of the war i can agree with u, but since the beginning of the capture of towns by them boko boys and the open warfare between them and the Nigerian army where in most cases the Nigerian army run away, it cant be said their strength is from guerilla warfare, rather the inept inability of our armed forces conjured by lack of training, discipline and just maybe hardware

good news.

God Bless Donald Trump

AngelicBeing:
True that because Jonathan was intelligent, humble, charismatic, caring, he cared for the homeless, poor, the unemployed, he didnt have a shoe, he had no house, as at when he handed over , he only had one 3 bed-room flat and 1 Million Naira in his account, he saved the rest to be used to make Nigeria a nice place, he saved more than 80 Billion Dollars in our reserves, he was prudent and smart, he was the best president in the history of the whole world, he fought corruption more than any president on earth, he is the most sought president in the whole world, Americans are begging him to come and help them run their economy, he handed over peacefully, he never stole because stealing is not corruption, Jonathan the Hero of the whole world, read the opposite of my post, go figure out the riddle

Goodluck Jonathan. That man sef

mbok is it the same Trump that the hate filled lot said will finally help divide Nigeria ? is it rhe same Trump some idiots died in some solidarity match in support of ?

why are things wicked like this for our hateful brodas whyyyy na

after the will claim Is real, Israel Exist only becos of Uncle SAM, Uncle SAM turns it's back on Israel, then Iran, Saudi, and the middle East will just come to roast.

Ooo, They will claim Russia... hahahahaha.. go check our Jets a great percent of our Jets and Tanks are sourced from Russia.

You can't but just appreciate our Foreign Policies.. we are just perfectly non-aligned. no we reap the benefits of the Travels, as China keeps investing Hugely.

To all the idiots that were carrying trump mata for head like Gala... The Niga no jus send una...lols..
long live The FRN
Long Live the Creeks
Yak Isong Odod Ukana

Trump tied the increased buying of our crude to us buying U.S Military hardware!

Nigeria will be great again

Wayo pipu So as we wan follow una buy market now awa oil don turn to "sweet oil" Why you de look me like dat...

Pavore9:
Trump tied buying our crude to us buying U.S Military

U dey mind morons celebrating what dey have no idea about... D US no go give u anything without getting much more in return... Anyway I didn't expect anything less from the Chief Zombie and his cohorts.. Happy wanking...

I hope Osborne Gate will not happen to the income

AngelicBeing:
True that because Jonathan was intelligent, humble, charismatic, caring, he cared for the homeless, poor, the unemployed, he didnt have a shoe, he had no house, as at when he handed over , he only had one 3 bed-room flat and 1 Million Naira in his account, he saved the rest to be used to make Nigeria a nice place, he saved more than 80 Billion Dollars in our reserves, he was prudent and smart, he was the best president in the history of the whole world, he fought corruption more than any president on earth, he is the most sought president in the whole world, Americans are begging him to come and help them run their economy, he handed over peacefully, he never stole because stealing is not corruption, Jonathan the Hero of the whole world, read the opposite of my post, go figure out the riddle

badt guy...

How much is going into the education sector? Divide this country and let's have peace!

Oshey. We don recover the password

Wailers .

You see how Donald Trump is going to remove President Buhari abi?

when I saw ebele wife today on a nairaland trend that she just arrived at a airport my heart was filled with sorrow, see how the woman look, I wonder why she won't steal national money
she all the expensive gold she use for the picz, illiteracy is a bastard.