Brazil, US, Canada slash Nigeria’s oil imports

Major buyers of the Nigerian crude oil in the North and South America have slashed their imports from the country, the latest report from the Nigerian National Petroleum Corporation has shown.

It said the monthly imports of Nigerian crude by Brazil, the United States and Canada fell to their lowest levels this year in August at 974, 577 barrels, 4.14 million barrels and 905,116 barrels, respectively.

In July, Brazil bought 2.92 million barrels of oil from Nigeria; the United States imported 6.79 million barrels; while Canada imported about 2.99 million barrels from the country, the NNPC stated.

 The US, which overtook India in June as the single largest buyer of Nigerian crude, saw its import of the country’s crude rise to a high of 12.12 million barrels in February.

South America’s total imports of Nigerian crude plunged to 974,577 barrels in August, compared to 4.89 million barrels in July, while North America reduced its imports to 5.05 million barrels from 9.79 million barrels.

Out of the five regions buying Nigerian crude, only Western Europe and Asia recorded an increase in oil imports from the country in August.

Europe, Nigeria’s biggest regional market, increased its imports to 20.77 million barrels from 9.94 million barrels in July, according to the figures from the NNPC.

France’s imports rose the most in August as it bought 7.57 million barrels, up from 1.56 million barrels in July.

Spain bought 4.34 million barrels, up from 2.53 million barrels in July; while the Netherlands imported 3.95 million barrels of Nigerian crude in August, compared to 1.97 million barrels in July.

Asia and the Far East was the second largest regional market of Nigerian crude in August as its imports rose to 14.44 million barrels from 10.62 million barrels in the previous month. The increase was brought about by India, which bought 12.54 million barrels, up from 7.77 million barrels in July.

Nigeria’s oil exports to other African countries fell to 8.89 million barrels from 9.14 million barrels in July.

The country’s total oil export stood at 53.61 million barrels in August, up from July’s 46.04 million barrels, the lowest level this year.

Culled from Punch