06 May 2019 : According to the Energy Information Administration (EIA), average imports of Bonny Light Crude by the United States’ fell to 112,000 barrels per day (bpd) in April from 190,500 bpd in January. This represents a four-year low for U.S. imports of Nigerian oil. Imports of Nigerian crude has been on the decline, falling 43% from 300,690 bpd in 2017, to 186,000 bpd in 2018. Due to an increase in shale production in the U.S., there has been a fall in demand for Nigerian crude by the U.S. Washington’s oil exports averaged 1.9 million bpd in 2018 (EIA), and for the first time since shipments of American crude began in 2015, crude oil exports to the United Kingdom exceeded supplies from other nations, including Nigeria. With crude importation by the U.S. likely to decline further as Shale mining ramps up, Nigerian crude sales are likely to shift towards eastern markets. 

Reporting for EasyKobo on Monday , 06 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited