The United States’ monthly crude oil exports have hit the one million barrels per day mark, further penetrating some of Nigeria’s major export destinations, The Punch reports.
Since last year, Nigeria has lost some of its market share in Europe, its biggest regional market, as crude oil export from the US continued to increase. The US had in December 2015 removed the 40-year-old restrictions on its crude exports following the rapid growth of its oil production from 2013 to 2015. Other factors such as favourable price differentials, lower shipping costs, and rising domestic production also helped increase US oil exports.
The US Energy Information Administration said on Tuesday that the US crude oil and petroleum product gross exports had more than doubled over the past six years, increasing from 2.4 million bpd in 2010 to 5.2 million bpd in 2016. It noted that the US exported an average of 520,000 bpd last year, adding, “The US crude oil exports reached 1.1 million bpd in February 2017, the highest monthly level on record.”