Petroleum Africa
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Monday, June 29, 2015
India’s African oil imports rose to the highest in more than four years, from 15.5% in April to 26% in May with tankers mainly from Nigeria and Angola. Meanwhile, the share of Middle Eastern oil to India fell to 54% in May from 61% in April, with Saudi Arabia supplying some 732,400 bpd, according to Reuters.
Oil prices have dropped for Nigeria’s premium over Brent in recent months, which have made the former more attractive to importers. Over the weekend, the Nigerian National Petroleum Corp. reduced the price of Nigeria’s crude oil grades to their lowest in over a decade as the West African nation fights for international market share. Nigeria’s exports to the United States have also shrunk from almost one million bpd in 2010 to just 30,000 this year, according to Vanguard news in Abuja.
The falling global oil prices have posed tough challenges for oil-dependent Nigeria. Nigeria is Africa’s largest economy and lead oil producer, generating about $70 billion in state revenue each year – more than two-thirds of which comes from oil and gas exports.
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