[b]OFFICIALS of the United States government have for the first time in months presented an explanation on the sudden termination of oil imports from Nigeria since July, an action which spurred concerns whether there were any possible political connotation especially because of the current strain in Nigeria-US diplomatic relations.

Answering a question on the issue from The Guardian, during the week, White House Director of the US National Economic Council, Mr. Jeff Zients, said the cessation of oil imports from Nigeria had to do with the significant rise in US oil production.

Zients, US Labor Secretary, Thomas Perez, and White House Policy Council Director, Cecelia Munoz, were addressing a few US journalists on Thursday afternoon on the state of the American economy when The Guardian raised the question wondering why the US brought oil imports from Nigeria to a complete zero, while still importing oil from Saudi Arabia and other major oil producing countries.

According to the White House Economic Council Director, “across the last several years, US oil production has ramped up significantly by more than 50 percent to now over eight and a half million barrels per day.”

He explained that such a high turn up in local US oil production “has now dramatically reduced our dependency on imports,” Zients noted, adding that “in fact, we now produce more here than we import.”[/b]

The White House official stated that the development is consistent with President Barack Obama’s energy strategy, which has changed “quite a bit over the last few years as we are much less dependent on oil imports.”

That strategy has not only left Nigeria in the lurch, but has generally also driven down the international market price of oil to a ridiculous $60 range by the close of trading on Friday. Oil price, which soared around $100 in September, is now $56.52 for the WTI Crude and $61.38 for the Brent Crude oil.

But Zients and the other US officials at the press briefing did not address the issue of the ongoing importation from other oil producing nations, including OPEC members like Saudi Arabia and Kuwait and non-OPEC suppliers like Canada. In fact, as at last month, it was reported that, while US completely halted oil imports from Nigeria, it increased its importation from those three countries.

The reduction of US oil importation from Nigeria to zero is the very first time since 1973 that the US did not import oil from Nigeria. US Shale oil production is responsible for the infusion of “light, sweet crude,” said to be similar to Nigeria’s Bonny Light oil, and US refineries are said to have preferred buying the locally produced oil, which is cheaper than Nigeria’s light crude.

Before Zients explanation on Thursday, there have been muted concerns whether the decision to completely end oil importation from Nigeria has any political connotation. For instance, a German top bank, Deutsche Bank had commented last month that “as if the recent drop in oil prices was not enough bad news for Nigeria’s economy, recent data show the US completely stopped importing crude oil from Nigeria. This marks a dramatic reversal for Africa’s largest economy, which in 2010 was still among America’s top 5 oil suppliers and exported at its peak 1.3m barrels per day to the United States.”

The German bank analysis further questioned why Nigeria was singled out, an aspect of the question posed by The Guardian to which the US government officials did not address. According to Deutsche Bank, the decline in US imports from Nigeria, “proceeded much faster than for the US’ other major suppliers.’ It is the rather drastic and complete zero oil imports from Nigeria that suggested a possible political connotation, which was however left unexplained by Zients.

Observers say it is not unlikely that oil imports termination with Nigeria and the refusal of the US government to sell weapons to Nigeria to fight Boko Haram might both be political signals from President Barack Obama to the Nigerian presidency as it can be seen as demonstration of a lack of commitment by the US government to a supposed strategic partner —Nigeria — in Africa.

The Obama administration’s outright refusal to approve the sale of specific military equipment to Nigeria, in a clear-cut public renunciation of the Nigerian military and security apparatus which requested the okay from the US Defense department is also a potential dampener to US claims of a thriving diplomatic relationship with Nigeria. First, it was the US Ambassador in Nigeria who confirmed that the country would not okay the weapons sales to Nigeria, and then the State Department in response to Nigeria’s Ambassador’s complaints on the issue.

This particular refusal is sending clear indications that there are strong oppositional voices against President Jonathan in the White House, the State Department and Pentagon, causing further strain between Nigeria and the American governments, according to knowledgeable US sources.

Last month, Nigeria’s US Ambassador had to openly criticise the US government for not approving the sales of Cobra fighter jets to Nigeria to help fight the Boko Haram insurgency at a meeting he had with the influential US Council for Foreign Relations in his office. Adefuye, US sources say was expending his far-reaching influence with top US government officials in an apparent last-ditch effort to change the tone of the Obama administration towards the Jonathan presidency.

In fact, authoritative US sources said the denouncement of the military sale and the abandonment of the highly valued Nigerian crude oil by US oil future traders recently are happening at a time when the offices of National Security Adviser and Finance Minister of Nigeria are spending millions of dollars to retain US lobbyists in Washington DC to help plead the case of the Jonathan presidency without much success.

Explaining the desperation from the Nigerian government over the need for such lobbyists, a source from the Foreign Affairs Ministry in Abuja also said while the federal government through the office of the NSA and Finance Ministry were paying millions for lobbyists, the salaries of Nigerian diplomats were still backlogged, including in the US.


http://ngrguardiannews.com/lead-story/191117-why-we-stopped-buying-nigeria-s-oil-by-white-house

we will overcome

This is fp worthy, mods' do d needful!

If U ask me, I believe this is not unconnected with our refusal to sign the gay law... my thought anyway.

I wonder how Buhari will achieve economic diversification when He and APC has rejected systems that makes our States LGAs and Private Sector the vanguard of national development.



Buhari will never eradicate corruption and poverty because he will never implement the following


Resource control

Fiscal federalism

Privatization

Political federalism

Decentralization of Nigeria

Restructuring of Nigeria

Institutions submitting their quarterly activities to public scrutiny


Which are the fastest route to economic diversification , citizenry prosperity and political stability



Buhari is not the Messiah


SW stop hanging to false hope

Yeye deh smell.

USA.

Are they implying mr. Palm oil face aka clueless has something to do about this zero oil import? any way GEJ till dec 31 2014 after that I can not guarantee anything.

iamodenigbo1:
we will overcome

Amen.

vedaxcool:
Are they implying mr. Palm oil face aka clueless has something to do about this zero oil import? any way GEJ till dec 31 2014 after that I can not guarantee anything.

Unfortunately, this topic is not for kid like you.

If u ask me its not far from what hilary clinton said that this present nigeria president has supervised the looting of the oil and its sales proceeds. Its obvious us does not want its money to go to the CABAL, but would buy frm other countries where the president utilizes oil sales to the benefit of its citizen

, USA stop buying oil after they Ve been buying since 1973.

loosing an ally, a buyer and respect from other country in just 4 years.

Barack Obama is not a true son of Africa cos if he was he wudnt introduce foreign policies which are against the interests of blacks..we supported him during his first n second term presidential bids n he won.Thank goodness he hasn't got a chance anymore..infact,nobody wishes he was there.Americans r dissatisfied with him n so are our people too..black man black heartso they say.
the reason is not far fetched..
1.nigerian government prohibition of gay acts
2.Nigeria's position as the biggest economy in Africa.
3.The inability of the US government to exert influence on Nigeria like before.
4.Nigeria's image has bn tarnished to an extent that outsiders stl believe that nothing good can come out from us..
5.corruption..

if no 1 is reversed the us govt wud likely mk a u turn... HOWEVER,I see that as a blessing in disguise.. this has really tot our leaders a lesson that we shud not put our eggs in one basket.cudnt we look for an alternative buyer at the right time?
must we keep exporting crude oil at cheap prizes to other countries n stl buy the refined products at exorbitant prizes while our refineries can handle it..wl local production of petroleum products not provide jobs opportunities for the teeming unemployed masses?

It can only get better!
We have been surviving before the advent of oil!
When one door closes another opens for good!
So no shakement at all!
Keep doing it!
GEJ 2015, sighBuhari till infinitum!

U S wit dia lies again....it actually lukd to me lyk an economic sanction in disguise,over d gay shits...i dnt blame dem sa..it's also humans dy av in govt...i blame our own govt who av made it a mandate 2 depend on dem

There's always a reason for everything they do for Nigeria or stop doing for Nigeria.

Noted

Buhari caused it by bombing Nigeria with his boko boys

Buhari is a certified terrorist
Apc is BOKOHARAM
Tinubu is a bastard
Osinbajo is a vagabond
Gej till 2019

4 real?

Bad Market

saying our politicians are stupid is an understatement....this is what de get 4 overdependence, nw d U.S is Lording over us..........so make I cum hold My heart 4 hand abi? neva av I benefited frm My own black gold.......nan-sense.

hmmmmmm

Fairgodwin:
There's always a reason for everything they do for Nigeria or stop doing for Nigeria.

anytin de do TO nigeria.......nt for Nigeria





btw, dem say 2day na Saturday Or Monday

Ok

vedaxcool:
Are they implying mr. Palm oil face aka clueless has something to do about this zero oil import? any way GEJ till dec 31 2014 after that I can not guarantee anything.

are u always this stup1d.
Gej till u get sense

No be like this thay thay. Use do campain na na fight?

ShakaZullu:
Buhari caused it by bombing Nigeria with his boko boys

Buhari is a certified terrorist
Apc is BOKOHARAM
Tinubu is a bastard
Osinbajo is a vagabond
Gej till 2019

we dont waanna know.

The beginning of the End..


Agricultural Engineers like us can smile pretty soon..


i hope d oil crisis gets worse..

it would make us consume our barrels ourselves. reducing its price.

It is obvious they are trying to check mate the corruption in the current government and give them no more oil dollar to embezzle.

All is well

dear US sojas go sojas come buh barraks still remain dsame