Petroleum Africa
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Monday, June 29, 2015
Nigerian president, Muhammadu Buhari, has issued orders dissolving state-run oil firm NNPC’s board. Buhari’s order was delivered by letter on June 26. The letter quoted President Buhari as thanking members of the dissolved board for their services to the nation.
Buhari’s dismissal of the board is seen as part of the president’s goal of eliminating corruption in the petroleum sector. NNPC has been riddled with corruption including the alleged disappearance of $20 billion in oil money.
Nigeria has replaced Saudi Arabia as the largest crude oil supplier to India after its oil exports to India last month surged by nearly 200%, supplying some 745,000 bpd. It’s the first time in at least four years that Saudi Arabia, the world’s top crude exporter, has lost the top spot, according to Reuters.
The shift comes as more Indian refiners switch out their long-term contracts with Middle East suppliers in favor of African oil spot purchases. Saudi Arabia also fell behind Russia and Angola last month as the largest crude supplier to China. The petroleum kingpin struggles to maintain market share in Asia as the gap narrows between the Middle East price marker and the international crude oil benchmark Brent, Reuters reported.
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