U.S. increases imports of Nigerian Crude

The United States almost tripled the volume of crude oil bought from Nigeria last year.

This comes seven years after the country made attempt to buy less quantity of crude from Nigeria.

Latest data from the US Energy information Administration shows that the country imported 76.9 million barrels of the country’s oil in 2016.

When global oil prices began to drop in 2014 from a peak of $115 per barrel, Nigeria witnessed a further drop in the US imports of its crude from 87.4 million barrels in 2013 to a record of 21.2 million barrels.

For the first time in decades, the US did not purchase any barrel of Nigerian crude in July and August 2014.

But the recent increase in the US imports of Nigerian crude is being threatened by shale oil production.