US now exporting more crude oil than Nigeria

US now exporting more crude oil than Nigeria

- Having stopped oil importation from Nigeria, the US now exports more crude oil than Africa's top producing country

- It has been gathered that oil export from US hit 2.331 million barrel per day

- A programme showed that exports of crude from Nigerian averaged 1.61 million bpd

The United States of America is now exporting crude oil more than Africa's top oil producing country - Nigeria.

The statistical arm of the US Energy Department at the Energy Information Administration on Wednesday, April 25, said crude oil export from US hit 2.331 million barrel per day. The increase, the department said, rose by 582,000 barrels per day last week.

A loading programme compiled by Reuters showed that exports of crude from Nigeria averaged 1.61 million bpd.

Also, this is expected to fall 1.796 million bpd by June when compared with 1.895 million bpd in May’s revised export programme, the report said.

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Punch also reports that the EIA showed that the US crude oil exports averaged 1.12 million bpd last year, with the highest daily export of 1.73 million bpd recorded in October.

Also, traders had said that the high oil prices and the surging US exports were making it harder to sell Russian, Nigerian and other oil grades in Europe, where the US oil flooded.

Meanwhile, it was gathered that the light sweet Nigerian crude is very similar to the light oil produced in the US shale.

It is also expected that exports of crude oil from the US will continue to be on the increase in the medium term, and by 2022, the country will be the fourth biggest oil exporter in the world behind Saudi Arabia, Russia and Iraq, energy consultancy.

Wood Mackenzie estimated that the US will export four million bpd of light sweet crude of API gravity of between 38 and 45 by 2022.

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Legit.ng earlier reported that the US and other nations will abandon Nigeria's oil.

The possibility of this process was expected to negatively affect Nigeria’s revenue generation from oil proceeds.

The Energy Information Administration (EIA) said the US may drastically reduce its import of crude oil from Nigeria by 2022, going by its projection of becoming a net energy exporter in four years.

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Source: Legit.ng

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