The United States of America has cut its crude oil import from Nigeria by 62.08% which is now around 3.92 million barrels. This is what the import rate has reduced to in the month of March.
It has never been as low as this since February 2016. The US energy information Administration released this data recently, showing that the US imported a total of 10.03 million barrels of crude oil in January and 10.34 million barrels in February.
The US imported more crude oil last year which was around 112.92 million Barrels, a 48% increase from the previous year. In 2012 the country imported 148.48 million barrels while in 2013 they imported 87.40 million.
The importation however reduced in 2014, because of the global fall in oil price which dropped to 21.2 million barrels.
The recent reduction in the US importation of crude is due to the shale oil production surge in the country. The EIA confirmed that the US crude oil exports rose by 582,000 barrels per day in the third week of April to an all-time record high of 2.331 million bpd.
The Nigerian crude oil is similar to the crude oil produced in the US shale, they are both light and sweet.
According to Wood Mackenzie of energy consultancy the production of the crude oil will continue to rise and by 2022, the country will be the fourth biggest oil exporter in the world behind Saudi Arabia, Russia and Iraq.
He also added that the US will export 4 million bdp of light sweet crude API gravity of between 38 and 45 by 2022.