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Friday, 20 June 2014

India becomes largest importer of Nigerian oil


Nigerian National Petroleum Corporation (NNPC) has reported on Thursday, June 19, that India has overtaken the US as the largest importer of Nigeria’s oil.

Nigerian National Petroleum Corporation (NNPC) reported that India has overtaken the US as the largest importer of Nigeria oil.

The US has "drastically reduced" its demand for Nigeria’s crude oil in recent months is currently buying about 250,000 barrels a day, NNPC said.

The decrease in the US demand for imported oil has fallen because of increasing domestic shale gas and oil production. The International Energy Agency and oil giant British Petroleum both forecast that the US may become independent by 2035.

India is now importing 30 per cent of Nigeria’s daily output of 2.5 million barrels, followed closely by China and Malaysia.

"Asia is important and in that respect we have regards for all markets; the important thing is to make sure that you are selling the products that you have and you do not ignore any market," Tim Okon from NNPC said.

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