U.S. may halt crude oil import from Nigeria — Business — The Guardian Nigeria Newspaper – Nigeria and World News - News Summed Up

U.S. may halt crude oil import from Nigeria — Business — The Guardian Nigeria Newspaper – Nigeria and World News


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 U.S. imported a total of 28.53 million barrels of crude oil from Nigeria in the third quarter of last year, up from 18.88 million barrels in the same period in 2016; 10.13 million barrels in 2015; 5.10 million barrels in 2014; and 21.23 million barrels in 2013. The Minister of State for Petroleum, Dr. Ibe Kachikwu said recently that Nigeria would explore the possibility of selling crude oil to African markets.He said: “Nigeria has to begin by looking at the country first. Sensitivity cases with less energy production project that the United States will remain a net energy importer through 2050. In that case, higher crude oil prices also result in higher petroleum product prices and lower consumption of petroleum products, driving decreases in net petroleum imports. In 2017, the United States imported about 11 quads of petroleum and other liquids and exported two quads of coal and coal coke.


Source: The Guardian February 14, 2018 04:07 UTC


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