• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 3 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 2 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 1 min Joe Biden's Presidency
  • 7 mins Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 1 day JACK MA versus Xi Jinping
  • 23 mins Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 23 hours Researchers Are Harvesting Precious Metals From Industrial Waste
  • 6 hours CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 6 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 10 hours Minerals, Mining and Industrial Ecology
  • 14 hours Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
The Hottest Oil Basin In The World

The Hottest Oil Basin In The World

Apache’s most recent discovery leaves…

Nigeria’s Oil Loses Export Markets To U.S.

While Nigeria has been struggling with restoring its crude oil production and exports that have been hit by militant attacks, rising U.S. crude oil exports have cut into the markets that Nigeria once held dear, such as China and Japan.

According to a crude destinations report by Nigerian National Petroleum Corporation (NNPC) for 2016, updated through November, Japan did not buy Nigerian crude last year at all, and China did not receive shipments from Nigeria after April.

According to Nigerian media, the U.S. was winning markets in Europe last year, including The Netherlands, the UK, and Italy, which are also export destinations for Nigerian crude. Nigeria may find it difficult to win new markets amid the glut in the oil market, Nigeria’s outlet The Guardian argues.

Last year, U.S. crude oil exports averaged 520,000 barrels per day, up by 55,000 bpd, or 12 percent, compared to 2015, the EIA said earlier this week.

Following the removal of restrictions on U.S. crude oil exports in December 2015, the U.S. exported crude oil to 26 different countries in 2016, compared with 10 countries the previous year. In 2015, 92 percent of U.S. crude oil exports went to Canada, which was exempt from the restrictions. After restrictions were lifted, Canada remained the top destination, but received only 58 percent of 2016 U.S. crude exports.

“Aside from Canada, European destinations such as the Netherlands, Italy, United Kingdom, and France rank high on the list of U.S. crude oil export destinations. The second-largest regional destination is Asia, including China, Korea, Singapore, and Japan,” the EIA said.

Related: The 5 Biggest Strategic Petroleum Reserves In The World

However, this year with the start of the OPEC cuts, West African oil producers – led by Nigeria and Angola—were said to be loading to ship as many as 2.19 million bpd to Asia in February—the highest level in at least five and a half years, with China and India the largest buyers of African crude.

Nigeria’s crude exports are expected to rise to 1.66 million in May from 1.61 million bpd planned for shipping in April, according to a loading program compiled by Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News