US imports of Nigerian crude hits 4 year high

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The latest report from the US Energy Information Administration has revealed that for the first time in more than four years, the United States’ monthly import of Nigerian crude oil rose to 12.29 million barrels in August, The Punch reports.

The US imported a total of 28.53 million barrels of crude oil from Nigeria in the third quarter of this year, up from 18.88 million barrels in the same period last year; 10.13 million barrels in 2015; 5.10 million barrels in 2014; and 21.23 million barrels in 2013.

Nigeria saw a significant reduction in the US imports of its crude in recent years, starting from 2012, following the shale oil production boom. For the first time in decades, the US did not purchase any barrel of Nigerian crude in July and August 2014 as well as in June 2015, according to the EIA data.