With the cut in crude imports into the United States following the country’s discovery of the Shale oil technology, Europe is now top buyer of Nigeria’s crude oil e360 has learnt.
After the US ceased importation of Nigeria’s crude, as it did many other country’s, Nigeria sought new buyers in Asia, but Europe has now overtaken as top buyer according to disclosure by the Nigerian National Petroleum Corporation (NNPC).
Speaking on the marketability of Nigeria’s crude in the international market, the NNPC said Europe is the major destination of Nigerian crude grades, accounting for 36.59 per cent of the total sales, with Asia and the far East receiving 28.43 per cent.
Data by the Corporation further showed that 16.57 per cent of Nigeria’s crude grades was exported to North America, 13.17 per cent to Africa, 2.84 per cent to South and Central America, while the rest of the world served as beneficiaries for the rest.
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