United States Cuts Nigerian Oil Imports By $11.67 Million Barrels

The United States slashed its imports of Nigerian crude oil to 9.37 million barrels in the first five months of this year, 11.67 million barrels lower than what it bought in the same period of 2019. The US imported 21.03 million barrels of Nigeria crude from January to May 2019, according to data obtained from the US Energy Information Administration on Friday.

The highest monthly volume of Nigerian crude purchased by the North American country so far this year was 2.12 million barrels, compared to 11.78 million barrels in 2019. Its purchases plunged by 63.03 per cent in the first quarter of 2020 to 5.53 million barrels, compared to the last quarter of 2019 when it bought 15.07 million barrels from Nigeria.

The US bought 1.92 million barrels in January; 1.93 million barrels in February; 1.68 million barrels in March; 1.70 million barrels in April, and 2.12 million barrels in May, according to the EIA. The US has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to the light sweet Nigerian crude.

GUYS, WHAT DO YOU THINK? .