America has turned again to Nigeria for crude oil. The new twist in the US quest for Nigeria toThe US oil production has fallen by about 600,000 barrels a day since peaking in 2015, and imports have filled the gap. The news looks cheering going by the fact that several tons of Nigerian crude have been on the high sea looking for buyers. According to the report, refineries along the US coasts are choosing to buy imports instead of local crude. “One of the biggest winners is Nigeria, which is regaining lost market share. Imports from Nigeria surged to 559,000 barrels a day in mid-March, compared with an average of 52,000 for all of 2015. The opening up of the US market is giving Nigeria a new beginning with the US in oil trade. However, it is because the price of crude has dropped so low that it is no longer profitable for the US shale producers to continue in business. The current price of crude has made oil recovery from shale far more expensive than imported oil
Culled from vanguard
Read more at: http://www.vanguardngr.com/2016/04/us-importing-nigeria-crude-oil/
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