UNITED STATES BUYS $2.7BN NIGERIAN CRUDE IN SIX MONTHS
The import of Nigeria’s crude oil by the United States increased by 32.1 per cent to 52.36 million barrels in the first half of this year, compared to the same period in 2016.
The US Energy Information Administration, the statistical arm of the Energy Department, revealed in its latest data that the country bought a record 10.24 million barrels from Nigeria in March, the highest monthly import since July 2013. With Bonny Light, Nigeria’s main export grade, averaging $51 per barrel in the first half of the year, the 52.36 million barrels imported by the US translate to an income of about $2.67bn for the country.
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 Nigeria’s oil in 2016, up from 19.9 million barrels in 2015.
The US Energy Information Administration, the statistical arm of the Energy Department, revealed in its latest data that the country bought a record 10.24 million barrels from Nigeria in March, the highest monthly import since July 2013. With Bonny Light, Nigeria’s main export grade, averaging $51 per barrel in the first half of the year, the 52.36 million barrels imported by the US translate to an income of about $2.67bn for the country.
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 Nigeria’s oil in 2016, up from 19.9 million barrels in 2015.
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