Nigeria is fast losing its favourite oil export destinations to the United States (U.S.), which used to be the country’s biggest importer of crude, as the Nigerian National Petroleum Corporation’s (NNPC) crude oil export destination report, confirmed that China, Peru, and Japan have totally stopped importing crude oil from Nigeria, The Guardian reports.
Other countries like The Netherlands, United Kingdom (U.K.), China, Italy, and Switzerland are also importing from the U.S. The latest Energy Information Administration (EIA) report also showed that these countries have continued to maintain a healthy import profile with the U.S.
Given the glut in the global oil market, Nigeria may be hard-pressed in securing new destinations for its crude. Already, the initial heat from the oil producers’ production freeze is wearing, and oil prices are beginning to shed weight, but Nigeria will remain healthy for as long as prices don’t fall below the 2017 budget benchmark of $44.5/barrel.