The Minister of State for
Petroleum Resources, Dr. Ibe Kachikwu, has stated that Nigeria has forever lost
the United States as a major market of crude export.
Following a surge in the
production of shale oil, America’s import of oil from Nigeria dropped to zero
in June 2015 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.
Speaking at CERAWeek in Houston,
US, Kachikwu noted that the era when the United States was a ready market for
crude oil from Nigeria “is gone”.
The CERAWeek conference tries to
strike an outreach between the Organization of the Petroleum Exporting
Countries, OPEC, and shale oil producers.
Meanwhile, crude oil from Nigeria
are now favourites for the Asian markets led by India.
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