U.S imports Nigerian crude oil worth N349 billion in Q2

Crude oil

The United States (U.S) has returned to become one of Nigeria’s top trading partners after importing crude oil worth N349.5 billion in the second quarter of 2019 (Q2).

According to the foreign trade report released by the National Bureau of Statistics (NBS) for Q2 2019, the U.S returned to make Nigeria’s top 10 trading partners, ranking 4th on the list.

The NBS report stated that Nigeria exported 243,000 barrels of oil per day to the U.S in May 2019, while the daily barrels rose to 251,000 barrels per day in June. This implies that Nigeria exported an average of 7.5 million barrels of crude oil on a monthly basis.

According to the data obtained from the EIA by percent share of total oil imports in 2018, Canada was the U.S biggest oil-exporting country with 43% of total crude oil imported by the U.S.

Following Canada on the chart is Saudi Arabia. Specifically, Saudi Arabia exported 9% of U.S total crude oil imports in 2018.

Other countries that made the top five countries include Mexico (7%), Venezuela (6%) and Iraq (5%).

Meanwhile, the latest EIA report shows that as of June 2019, Nigeria remained the 6th country with the largest crude oil export to the U.S.

Peace PIAK