BREAKING NEWS

Metro

World

Spiritual

6 Mar 2018

Nigeria has lost United States’ oil export market forever – Kachikwu Says

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has stated that Nigeria has forever lost the United States as a major market of crude export.

Following a surge in the production of shale oil, America’s import of oil from Nigeria dropped to zero in June 2015 from the all-time high of 1.31 million barrels per day of the commodity in February 2006. In the early 2000s, the United States bought 700,000 barrels per day of the commodity.

Speaking at CERAWeek in Houston, US, Kachikwu noted that the era when the United States was a ready market for crude oil from Nigeria “is gone”.

The CERAWeek conference tries to strike an outreach between the Organization of the Petroleum Exporting Countries, OPEC, and shale oil producers.

Meanwhile, crude oil from Nigeria are now favourites for the Asian markets led by India.

SHARE THIS STORY USING ANY OF THE BUTTON BELOW ⬇

PLACE YOUR TEXT ADVERT BELOW ⬇⬇⬇

Loading...

SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO

RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU

CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE

CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE

CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE

FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE

RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF

Post a Comment

 
Copyright © 2015 247 Nigeria News Update
Website by Tech Guardian