India loses spot as Nigeria’s top oil buyer

India’s monthly import of Nigerian crude oil has fallen below six million barrels, the latest monthly report from the Nigerian National Petroleum Corporation shows.

The Asian country lost its spot as Nigeria’s top oil buyer in December, as its import tumbled to a record low of 5.82 million barrels from 14.42 million barrels in November.

It bought 17.2 million barrels in January 2016.

In 2013, India had replaced the United States as Nigeria’s biggest oil buyer.

India is reported to have moved over to buying cheaper Iranian crude.

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