What If The US Stop Buying Our Oil?
United States’ imports of Nigerian crude oil slumped to the lowest level in more than 15 years in March, according to US Energy Department data released recently.
Nigeria shipped 337,000 barrels per day (bpd) of crude to the US, as against an average of 768,000 bpd for 2011. Imports of Nigerian crude to the East Coast of the US dropped to 1.745 million barrels in March, down 44 percent from February, while shipments to the Gulf Coast rose 31 percent to 8.693 million barrels.
Analysts say the rising production from the Eagle Ford shale formation in the US state of Texas may further dampen demand for Nigeria’s crude.
In this report, Adesewa Josh examines the implication of the declining demand for Nigerian crude oil in the American market.