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Brazil, US and Canada Slashes Nigeria’s Oil Imports

Brazil, US and Canada Slashes Nigeria’s Oil Imports

The major buyers of the Nigerian crude oil in the North and South America have slashed their imports from the country. It said the monthly imports of Nigerian crude by Brazil, the United States and Canada fell to their lowest levels this year in August at 974, 577 barrels, 4.14MN barrels and 905,116 barrels, respectively. In July, Brazil bought 2.92MN barrels of oil from Nigeria; the United States imported 6.79MN barrels; while Canada imported about 2.99MN barrels from the country, the NNPC stated.

 

The US, which overtook India in June as the single largest buyer of Nigerian crude, saw its import of the country’s crude rise to a high of 12.12MN barrels in February. South America’s total imports of Nigerian crude plunged to 974,577 barrels in August, compared to 4.89MN barrels in July, while North America reduced its imports to 5.05MN barrels from 9.79MN barrels. Out of the 5 regions buying Nigerian crude, only Western Europe and Asia recorded an increase in oil imports from the country in August. Europe, Nigeria’s biggest regional market, increased its imports to 20.77MN barrels from 9.94MN barrels in July.

 

France’s imports increased the most in August as it bought 7.57MN barrels up from 1.56 million barrels in July. Spain bought 4.34MN barrels up from 2.53MN barrels in July; while the Netherlands imported 3.95MN barrels of Nigerian crude in August, compared to 1.97MN barrels in July. Asia and the Far East was the second largest regional market of Nigerian crude in August as its imports rose to 14.44MN barrels from 10.62MN barrels in the previous month. The increase was brought about by India, which bought 12.54MN barrels up from 7.77MN barrels in July. Nigeria’s oil exports to other African countries fell to 8.89MN barrels from 9.14MN barrels in July. The country’s total oil export stood at 53.61MN barrels in August up from July’s 46.04MN barrels, the lowest level this year.

 

Read more; http://www.businessnews.com

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