₦airaland Forum

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said Nigeria has forever lost United States of America, USA, as a significant crude export market.
Up until the early 2000s, the US was Nigeria’s top crude importer, buying around 700,000 b/d of the commodity from Africa’s biggest producer and climbed as high as 1.31 million b/d in February 2006, according to the US Energy Information Administration.
This volume has, however, been dropping since then, reaching zero import level by June 2015 following a surge in production of shale oil.
“That’s gone,” Kachikwu said at CERAWeek in Houston, USA.
CERAWeek conference continues outreach between the Organisation of the Petroleum Exporting Countries, OPEC, and shale producers.
Light sweet Nigerian crude is very similar to the light oil produced in US shale.
As US shale production has grown, the appetite for Nigerian crude in the US has dropped dramatically.
Nigerian crude is now favourite for the Asian markets led by India.
Nigeria’s oil output averaged 2.07 million in February, 20,000 b/d up from January, according to petroleum ministry estimates.
https://www.vanguardngr.com/2018/03/nigeria-lost-us-oil-export-market-forever-kachikwu/

Lalasticlala,

OAM4J ,

Mynd44

Opportunity wasters.

And the Buhari led administration is still spending billions searching for oil in the north.. DIVERSIFY THE ECONOMY DEY NO WAN HEAR.. Soon it will be too late, i weep for Nigeria

AntiWailer:
Opportunity wasters.

Are you wailing indirectly

AntiWailer:
Opportunity wasters.

Indeed

Jwonder:
And the Buhari led administration is still spending billions searching for oil in the north.. DIVERSIFY THE ECONOMY DEY NO WAN HEAR.. Soon it will be too late, i weep for Nigeria

This government has failed in all ramifications

Buhari till 2023 B-)

Congratulations.

Another achievement.

Politicians have failed us. Soon the oil will disappear and Nigerians will feast on this evil men

bloodmoneyspita:
Buhari till 2023 B-)

Your moniker says it all.. I nd no oda argument. I nd no other plea..

Omeokachie:
Congratulations.

Another achievement.

Our honourable information minister is busy cooking up anoda lie in his kitchen..
He may end up saying that the US only stopped importing our crude oil as there were cases of corruption in the process and the PDP is to blame

And yet d E-diots in power are still spending Billions in looking for oil in d North... Wat other proof do we need to show how senseless our leaders are...

What you focus on is what comes to you

That is good, now that one of your biggest customers has gone,can we divide the country?

People are moving away from oil, you are still exploring in the north,these guys are still stuck in the 20th century.

THE LAND OF THE RISING SUN MUST SET FORTH AT DAWN

guterMann:
That is good, now that one of your biggest customers has gone,can we divide the country?

People are moving away from oil, you are still exploring in the north,these guys are still stuck in the 20th century.

THE LAND OF THE RISING SUN MUST SET FORTH AT DAWN

Oil is the only reason why we are stil united.
Thats why this government is ready to do all they can to discover oil in the northern part of Nigeria.
However,it is possible that alot of countries would have stopped using non renewable energy by the time they eventually discover it