Nigeria exported 2.05mn bpd of crude oil and condensate to Europe and India last year, according to International Energy Agency (IEA)
IEA said that India is now the largest importer of Nigeria’s oil, purchasing 370,000 bpd or 18 per cent of its total crude exports in 2014.
Europe continues to be the largest regional importer, importing more than 900,000 bpd or 45 per cent of the exports in 2014.
According to the report, the USA had been traditionally the largest importer of Nigerian oil until the last few years. The country imported nine per cent to 11 per cent of its crude oil from Nigeria before 2012. However, in 2014, the USA’s crude oil import from Nigeria accounted for less than one per cent of its total imports.
The growth in the USA sweet crude oil production from Bakken and Eagle Ford rock formations has resulted in a sizable decline in its imports of crude grades of similar quality such as Nigeria’s crude oil.
“As imports to the USA decreased over the past few years, European imports of Nigerian crude oil increased. European imports of Nigerian crude and condensate increased by more than 40 per cent in 2011 and by 30 per cent in 2012, making Europe the largest regional importer of Nigerian oil by far,” added the report.
Nigeria is the largest oil producer in Africa and also holds the largest natural gas reserves on the continent.
