US Will Not Buy Crude From Nigeria Again, Kachikwu
Following the surge in the production of Shale Oil, The Minister of State for Petroleum has revealed that exporting crude to the United States from the country might not be possible for life anymore.
According to the Minister, Ibe Kachikwu, “Nigeria has forever lost the United States as a major market of crude export.”
NIGERIA NEWS gathered that, “in 2015, America’s import of oil from Nigeria dropped to zero specifically in June from the all-time high of 1.31 million barrels per day of the commodity in February 2006. In the early 2000s, the United States bought 700,000 barrels per day of the commodity.”
He made this known in US during his speech at the CERAWeek in Houston.
Note that, “The CERAWeek conference tries to strike an outreach between the Organization of the Petroleum Exporting Countries, OPEC, and shale oil producers.”
However, Crude Oil from Nigeria is highly patronised by Asian Markets in India.