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Nigerian crude customers double purchase of US shale

Nigerian crude customers double purchase of US shale
December 13
13:25 2017
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Some of the countries that purchase crude from Nigeria have doubled their purchase of shale, the US version of crude oil.

According to an analysis by Bloomberg, US has exported more hydrocarbons in 2017 than any other time in history.

On a closer look at the data made available, TheCable discovered that 12 of the countries which had increased their purchase of US crude are customers of Nigeria’s sweet crude.

Due to the supply cut agreed on by the Organisation of Oil Exporting Countries (OPEC), the price of Brent crude has increased making US West Texas Intermediate (WTI) cheaper and attractive to consumers.

US, which used to be world’s largest crude oil consumer, has been exporting crude oil, gasoline, diesel, propane and even liquefied natural gas.

India, which used to be the largest exporter of Nigeria’s crude, got their first shipment of US crude in 2017.

In November, TheCable had reported that 13 countries including Colombia and Japan, which have both increased purchase of US shale, have not purchased crude from Nigeria since 2016.

Brazil, Norway, India and Malaysia who did not purchase crude from the US in 2016 bought crude in 2017.

Some of the countries who buy crude from Nigeria and increased purchase of US shale are United Kingdom, Bahamas, Colombia, Peru, France, Spain, Italy, Netherlands, Thailand, Singapore, China and Japan.

The exception is Canada that reduced their importation of US shale.

Country2016 (million barrels)2017 (million barrels)
UK5.924.4
Bahamas1.66.3
Brazil –3.4
Colombia5.57.4
Peru3.21.7
France3.88.6
Spain1.65.2
Italy7.811.6
Canada110.293.5
Netherlands1423.5
Norway  –1.4
India  –7
Thailand0.72.5
Signapore7.69.3
China8.363.4
Malaysia –5.5
Japan6.18.6

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