The research noted that India was Nigeria’s top crude oil buyer in five of the last six years. Nigerian and Angola crude oil cargoes were said to be clearing slowly on Thursday in lacklustre demand with programmes due to emerge next week. They said the development was occasioned by growing shale oil production with the US achieving the status of the top oil producer in 2018. “However, following the recovery in oil prices in 2018, US shale production ramped up and consequently impacted imports from Nigeria. US crude oil import from Nigeria slumped 43.3 per cent from 112.9 million barrels in 2017 to 64.1 million barrels in 2018,” they said.

Source: Punch March 16, 2019 23:03 UTC