For the first time in more than four years, the United States’ monthly import of Nigerian crude oil rose to 12.29 million barrels in August, the latest report from the US Energy Information Administration has revealed.

The US imported a total of 28.53 million barrels of crude oil from Nigeria in the third quarter of this year, up from 18.88 million barrels in the same period last year; 10.13 million barrels in 2015; 5.10 million barrels in 2014; and 21.23 million barrels in 2013.

Nigeria saw a significant reduction in the US imports of its crude in recent years, starting from 2012, following the shale oil production boom.

The US import of Nigerian crude fell to 6.17 million in June 2013 from 10.115 million barrels in May and about 40 million barrels in March 2007.

In 2014, when global oil prices started to fall from a peak of $115 per barrel, Nigeria saw a further drop in the US imports of its crude from 87.4 million barrels in 2013 to a record low of 21.2 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 in June 2015, according to the EIA data.

The US almost tripled the volume of crude oil bought from Nigeria last year, with the biggest monthly import of 8.43 million barrels in July. It imported 76.9 million barrels of Nigerian oil in 2016, up from 19.9 million barrels in 2015.

Meanwhile, Nigeria’s January oil exports are expected to slip back from a 21-month high hit in December, according to a Reuters’ compilation of loading plans on Thursday.

Crude oil exports of 1.76 million barrels per day are scheduled for January on 62 cargoes. The total compared with exports set at 1.94 million bpd in December, the highest scheduled since March 2016.

Traders said some of the December cargoes could slip into January, but that the exports were likely to be slightly lower on the whole. The programme also included three cargoes of Akpo condensate for a total of 97,000 bpd, the same level as December.

Last month, the EIA, the statistics arm of the US Energy Department, said the US crude oil exports in the first half of 2017 increased by more than 300,000 bpd from the first half of 2016, reaching a record high of 900,000 bpd.

It said following the removal of restrictions on exporting the US crude oil in December 2015, total volumes of crude oil exports and the number of destinations for those exports both increased.

The US exported crude oil to 27 countries in the first half of 2017 compared with 19 countries in the first half of 2016.

Canada remained the largest recipient of the US crude oil exports at 307,000 bpd, but imported an average of 63,000 bpd less compared with the first half of 2016. China increased its crude imports from the US by 178,000 bpd and became the second largest importer of the US crude oil, averaging 186,000 bpd in the first half of the year.

http://investorsking.com/us-import-nigerian-crude-hits-four-year-high/

TRUMP

Buhari where is the money?

With the good news these days, nothing seems to have changed.

Things are so hard..VERY HARD...

BUT WE WILL ALL SURVIVE. Buhari's dullardkpor can never make hungry kill Nigerians..


Happy new year in advance

... this one is for the military hardware sells now. the swap deal for alpha jet or you guys forgot?

they are not paying cash its a swap deal. they are packing our oil for overpriced outdated military hardware. trump got brains your know.

Bla bla bla ' na d money day important '' if them like dem import from china '

Wow


I have this cool business idea that can yield you 5 million naira in 3 months if you are willing to invest 200k. If you have a brand you want to promote throughout Africa that'll be an additional advantage to you in this partnership.


If you're interested please mail me at michaelayomide001@gmail.com

We d owners still buy kerosine in cups just to cook soup with fire wood as if say na camping

He needs to give them fuel for turning him to Jubril double

Later they will tell us our Agriculture sector is Booming!

And financing the budget!

Not sure how to take this news. But it is not entirely a happy news that we are still so much dependent on oil for sustainability.. Not to mention being so happy that one of our customers decided to buy again.
So if dem no buy we no go survive abi?

Really pathetic.

I hope with the increase in revenue from source like this , abandoned projects such like the Lagos-ibadan expressway should commence.

yanshDoctor:
... this one is for the military hardware sells now. the swap deal for alpha jet or you guys forgot?

they are not paying cash its a swap deal. they are package our oil for overpriced outdated military hardware. trump got brains your know.

There is no swap deal for Alpha jets. We are getting Super Tucanoes and precision guided munition conversion kits. Even that deal may be financed via loot recovery funds and not oil swaps.

Barawo bubu and his 40 thieves cabal of the All Poverty Congress, APC must be disappointed in this news.
They can no longer blame low crude oil revenue for non-delivery of campaign promises.
Baba Promise & FAIL market don spoil be that.
Sorry oh!!!


www.nairaland.com/attachments/3041343_resize_jpeg_jpeg384963ae8ea3da4721c0ff0a90d0291d



www.nairaland.com/attachments/3131247_cu55se7vaaaykzj_jpeg8d3b0e22c761643e651e5d09f82d1552

onward4life:
Later they will tell us Agriculture is Booming!

It is, but most of what we earn comes from oil.

Anyway, the fact is, reliance on agric and oil isn't good for our economy. Industry is... And APC nor PDP is doing anything about it

,,,,

onward4life:
Later they will tell us Agriculture is Booming!

Agriculture is booming. Don't sit behind a phone typing. Go out and find out. There is a revolution going on in Agric. This is practical fact not theory and there are no arguments with facts and things you can touch.

9jakohai:
It is, but most of what we earn comes from oil.
Anyway, the fact is, reliance on agric and oil isn't good for our economy. Industry is... And APC nor PDP is doing anything about it

Oga, abeg mind ya language oh.
All Poverty Congress, APC and barawo bubu plus his 40 thieves are doing everything and succeeding sef to CHAIN-ge our economy into an industrial giant
As an experienced cattle rearer who never grew his flock beyond 150 cows for several decades, barawo bubu is more than capable to do that na.


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www.nairaland.com/attachments/2095210_worst_jpeg588f192a23aa02a7b350a8bbe5d18306

Well-done Nigeria Crude

hypertension:
Buhari where is the money?

With the good news these days, nothing seems to have changed.

Things are so hard..VERY HARD...

BUT WE WILL ALL SURVIVE. Buhari's dullardkpor can never make hungry kill Nigerians..


Happy new year in advance

If we want to see impact from the money, oil has to be above $120 per barrel.

At 60, impact is small, plus we are servicing debts incurred largely because of falling revenue from falling oil prices, and some were incurred prior to 2015.

We need to stop the oil madness.

I GUESS DIS JERUSALEM POLICY IS INDIRECTLY FAVORING NIGERIA. I STAND CORRECTED.

South bEASTerners will see nothing good in this....

No matter how electric the world goes, oil will still thrive!

I have always been right about love for Donald Trump over tht wicked senseless Obama that woke up and stopped all purchase of oil from Nigerria when we were in the middle of bitter terror war with Boko Haram that move alone coupled with the reckless nature of the Jonathan govt really threw Nigeria off balance but I am glad that today under the God ordained leadership of Donald Trump the US has started patronising our oil again .

Adminisher:


Agriculture is booming. Don't sit behind a phone typing. Go out and find out. There is a revolution going on in Agric. This is practical fact not theory and there are no arguments with facts and things you can touch.

Boom dey, but if we want a mega boom, we need more mechanized, large scale farms, more agroallied industries, not just millions of subsistence farmers, which isn't sustainable

...and looting continues

It's very unfortunate that the hugh oil export since 1957 is yet to benefit the masses of this country.

anonimi:
Barawo bubu and his 40 thieves cabal of the All Poverty Congress, APC must be disappointed in this news.
They can no longer blame low crude oil revenue for non-delivery of campaign promises.
Baba Promise & FAIL market don spoil be that.
Sorry oh!!



www.nairaland.com/attachments/3131247_cu55se7vaaaykzj_jpeg8d3b0e22c761643e651e5d09f82d1552

Crude is rising, but we need it at $120 for some impact. (Saudi Arabia needs it at $77)

Recall that we also incurred a lot of debt due to oil price falls....

If we want a beneficial economy, we need to go industrial. That means deregulation, loans for power, cutting of subsidies, increased technical education spending, etc.... not putting hope on oil.

gocac:
It's very unfortunate that the hugh oil export since 1957 is yet to benefit the masses of this country.

1.That is not true. And oil wasn't a major earner till the 1970's.

2.The reason why zero benefit is because we do not spend the money right.... On industrial development. We import, and that causes problems for local industries, leading to job losses.

Wizberg12:
...and looting continues

No way.
Now we are fighting kwaropshun by reinstating pensions thief Maina and giving him promotion.

#Mainagate: Maina Received His Salary And Treated At Least 20 Files In October After Buhari Ordered His Sack -Lawyer

Maina's Request For Reinstatement Was Work In Progress claims AGF Malami
NOV 23, 2017

he Attorney General of the Federation, Abubakar Malami , Head of Service of Federation , Winifred Oyo-Ita , Minister of Interior , Abdulrahman Danbazzau and Acting Chairman of the Federal Civil Service Commission, Joseph Oluremi Akande have all denied their involvement in reinstatement of the former head of the Presidential Task Force on Pension Reforms, Abdulrasheed Maina.

They made this denial while giving their statements under oath before the House of Representatives Adhoc Committee Investigative Hearing on the disappearance, reappearance, and promotion of Maina at National Assembly in Abuja.

More from: http://saharareporters.com/2017/11/23/mainagate-maina-received-his-salary-and-treated-least-20-files-october-after-buhari

www.nairaland.com/attachments/2529890_image_jpeg9f360c5ab7736510df54c882e9dbf188

they should start doing stuffs now.

Adminisher:


Agriculture is booming. Don't sit behind a phone typing. Go out and find out. There is a revolution going on in Agric. This is practical fact not theory and there are no arguments with facts and things you can touch.

Oh is dat it? Really really booming I see now!

It's like yu hav a enough to eat well check ur immediate environment ok.

Thanks

9jakohai:
1.That is not true. And oil wasn't a major earner till the 1970's.

2.The reason why zero benefit is because we do not spend the money right.... On industrial development. We import, and that causes problems for local industries, leading to job losses.

Is that why barawo bubu has been a FAILURE even confirmed by his Ebola Owu sponsor?
Remember Nigerian National Supply Company, NNSC and Essential Commodities (Essencos) of the 80s when he was military dictator?

citizenisb:
Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods and policies” — organised by Covenant University, Ota, Ogun State.

While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election, we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

“I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military and he will do well in fighting Boko Haram.”

The former president also said he tried his best in fighting corruption, especially in the recovery of funds looted by the late Gen. Sani Abacha and that as of the time he left the government, about $1bn was still to be recovered.

Obasanjo said, “For me, we have no hope if we have no future. I am an optimist as far as Nigeria is concerned. If somebody doesn’t get it all right for now, we will get somebody who will come up and fix whatever is missing. The administration before this had no clue on how to deal with Boko Haram, there is no doubt about that.

“You may not like the way he (Buhari) is fighting corruption. I fought corruption. We recovered over $1.25bn from Abacha and his men. We didn’t make noise. Also, we recovered £100m and about N30m and those who were helping us, the lawyers and the rest said there was still at least $1bn to be recovered at that time. I put it in my handover notes. But rather than encourage scrupulous persons, we had another spate of corruption.”

Obasanjo added that fighting corruption would not be effective if it did not translate to better life for the citizens.

He said, “Fighting corruption is not a one-day or a one-regime affair. If where we left it, they continued, we would have gone far. For me, the questions are: Is corruption being fought? And if it is being fought, is it being effectively fought? Are we getting the desired results? And if we are getting the desired results, what impact is it having on our society and on our nation?”

Other speakers at the event included Nigeria’s Permanent Representative to the United Nations, Prof. Joy Ogwu, and the Associate Vice-President, Research, McMaster University, Canada, Prof. Bonny Ibhawoh.

They both said if Africa was to experience any development, leaders must match their words or policies with action.

http://www.punchng.com/buhari-not-sound-economy-foreign-affairs-obasanjo/

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