Nigeria: Recent statistics from the Energy Information Administration (EIA) have shown that apart from losing the U.S. as a major crude buyer, Nigeria may also lose its existing crude oil export destinations to the U.S.

The EIA report released yesterday, showed that most European countries, including the United Kingdom, Netherlands, Italy, France, and Spain, which used to be Nigeria’s export destinations, have been taken over by the U.S. India, Nigeria’s major export destination, which did not receive U.S. crude oil exports in 2016, received 22,000 bpd in 2017, tying with Spain as the country’s 10th-largest destination. Nigeria had already seen a significant reduction in U.S. imports of its crude in recent years due to shale oil production, which took effect in 2012. 

Selected by SPTEC Advisory from Energy Mix Report