U.S increases import of Nigerian crude in May

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Preliminary data released by the US Energy Information Administration (EIA) for the week ended May 12, has shown that US crude imports from Nigeria rose by 13.6 per cent to 325,000 barrels per day from 286,000 b/d the most since March, Daily Trust reports.

The increase came despite the threat of a potential rise in shale oil production on the back of the rally in global oil prices, as energy companies ramped up drilling. The EIA data showed that although Nigeria remained US highest crude exporter in Africa, exports from Angola to US witnessed the highest increase at 42.8 per cent from 63,000 b/d to 90,000 b/d.

Meanwhile, the US government has commended Nigeria for the significant steps it has taken to reform the oil and gas industry through the National Oil, Gas and Fiscal policies as well as the draft Petroleum Industry Governance Bill and Petroleum Industry Fiscal Bill developed by the Ministry of Petroleum Resources.