The United States cut its imports of Nigerian crude oil by 60.37 per cent to 1.93 million barrels in January this year, compared to the 4.87 million barrels bought in the same month in 2019.

Latest data from the US Energy Information Administration showed that the country imported 4.85 million barrels of crude from Nigeria in December 2019, down from 6.33 million barrels in the previous month.

The US has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to the light sweet Nigerian crude.

Following the coronavirus-induced crash in oil prices and demand, Nigeria has been struggling to sell its crude oil cargoes.

Prior to the lockdowns and collapse in crude oil demand caused by coronavirus crisis, the rise of US shale oil was already proving uniquely challenging for Nigeria. Booming production from shale drastically cut Nigerian exports to the US — once the destination for about 40 per cent to 50 per cent of the country’s cargoes.

US imports of Nigerian crude fell from 148.48 million barrels in 2012 to 87.40 million barrels in 2013 on the back of shale oil boom.

In 2014, when global oil prices started to fall from a peak of $115 per barrel, Nigeria saw a further drop in US imports of its crude to 21.24 million barrels.

For the first time in decades, the US did not purchase any barrel of Nigerian crude in July and August 2014 as well as June 2015, according to the EIA data.

In 2010, the US bought as much as 358.92 million barrels from Nigeria, but slashed its imports to 280.08 million barrels in 2011.

The EIA, in its April Short-Term Outlook, projected that the US would again become a net importer of crude oil and petroleum products in the third quarter of 2020 and remain a net importer in most months through the end of 2021.

It said, “Fewer barrels are available for export as U.S. crude oil production continues to decline.

“In addition, net exports of petroleum products will be lowest in the third quarter of 2020, when US refinery runs decline in response to lower demand for refined products.

“In September 2019, the United States exported 89,000 barrels per day more crude oil and petroleum products than it imported and became a net exporter of crude oil and petroleum products for the first time since monthly records began in 1973.”

The EIA said the US continued to be a net exporter through February when net exports reached 1.79 million bpd, forecasting that net exports would continue through May 2020.

https://punchng.com/us-slashes-imports-of-nigerian-oil-by-60/

This is telling us to look for another source of income. Which is agriculture

Oil has dried!

Diversify economy our leaders wont hear... initiate and implement true federalism they wont hear too...

bayelsaowei:
Diversify economy our leaders wont hear... initiate and implement true federalism they wont hear too...

FAAC will have nothing to give to State and LG if things continue like this.

iwaeda post:




FAAC will have nothing to give to State and LG if things continue like this.




The day oil becomes useless, you will see how the Northern governors will come today to revive their agricultural sector and other mineral mining, then you will start hearing different Arewa groups clamoring for restructuring and 100% control of ones natural resources.
Before you knw the National Assembly members from the North will start issuing different press realise and there and then the Niger Delta representatives will become helpless cos they will be in the minority.
Few weeks down the lime the bill will get accelerated hearing and immediate passage.
I pity the Niger Delta region.
This is the time for the Southern Governor to leave politics and move into aggressive farming and distribution of seedlings, fertilizers and land for our teaming graduates not forgetting providing sound economic policies to enable those that want to go into production.
Going into public private partnership with international companies to have their production line in their respective states..
I AM TELLING YOU, IT WILL NOT BE EASY WHEN OIL BECOMES USELESS.

ThatFairGuy:
This is telling us to look for another source of income. Which is agriculture

we are suppose to know this longtime ago.

Agriculture, I mean using cutlass and hoes to till hectares of land has never boomed any country before. Mechanized agriculture did.

Secondly, diversifying the economy is not a walk in the park, especially when the leaders have never had any genuine interest to serve and the led are not willing to endure the stress and rigors of diversification.

When some people talk about diversification, they believe it's just about looking away from oil and carrying hoes and cutlass to embark on agriculture or using palm fronds to make baskets or using expired and dangerous materials like tire to make sofa for sale.

Diversification for Nigeria in this age is getting away from extractive industry into semi and finished production. It will require the following:

1. Continuous inflow of billions of dollars.

2. Massive power generation and supply.

3. Very sincere and pragmatic president, who believes so much in equity and merits.

4. Semi skilled and skilled dedicated workers.

5. Favorable government policies.

Right now, Nigeria can only access number 4.

A miracle has to happen like it did at the Han river.

Flyingngel:
iwaeda post:




FAAC will have nothing to give to State and LG if things continue like this.




The day oil becomes useless, you will see how the Northern governors will come today to revive their agricultural sector and other mineral mining, then you will start hearing different Arewa groups clamoring for restructuring and 100% control of ones natural resources.
Before you knw the National Assembly members from the North will start issuing different press realise and there and then the Niger Delta representatives will become helpless cos they will be in the minority.
Few weeks down the lime the bill will get accelerated hearing and immediate passage.
I pity the Niger Delta region.
This is the time for the Southern Governor to leave politics and move into aggressive farming and distribution of seedlings, fertilizers and land for our teaming graduates not forgetting providing sound economic policies to enable those that want to go into production.
Going into public private partnership with international companies to have their production line in their respective states..
I AM TELLING YOU, IT WILL NOT BE EASY WHEN OIL BECOMES USELESS.

We will find it difficult!

hmm

iwaeda:


FAAC will have nothing to give to State and LG if things continue like this.

that's it... i expect our government to be in talks with all necessary stakeholders to quickly push for states independence...but it is obvious our leaders like the status quo because oil is still under our grounds in the niger delta...

Once oil becomes useless so also the country...i expect the president to be proactive and push for key initiatives and garner support from the masses...

Please Amadioha , sango, Zeus should let none buy our oyel...

bayelsaowei:
that's it... i expect our government to be in talks with all necessary stakeholders to quickly push for states independence...but it is obvious our leaders like the status quo because oil is still under our grounds in the niger delta...

Once oil becomes useless so also the country...i expect the president to be proactive and push for key initiatives and garner support from the masses...

It will get to that, just a matter of time.

The revolution may not be bloody as we feared, but when there is no money it will be to your tents o Israel, La la last.

Freedom from this contraption might be quickened by this news

jlinkd78:
Freedom from this contraption might be quickened by this news

God help us

Happy Sunday, please who has bought fuel at #117

It's happening.

Nigeria needs to place an ultimatum to these foreign nations, that if they continue to reject their crude which is basically our only means of forex, we would be forced to shut down their various technological platforms which has drained and continuously drained our forex to them or let go all our debts to them, then cultivate the habit of living without their products...

You cant be at the receiving end 100%...