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Countries Buying Nigeria’s Crude Oil as Price Reaches an All Time High

Countries Buying Nigeria’s Crude Oil as Price Reaches an All Time High

As many countries shift away from buying Russian oil, new export opportunities have opened up for Nigerian crude which is regarded as one of the best in the global oil market.

Nigeria’s crude is also one of the most expensive and sold above $118 at the end of the trading day on Friday. The Nigerian National Petroleum Corporation (NNPC), in its Annual Statistical Bulletin (ASB), revealed that in 10 years it produced 8.42bn barrels of oil and sold to over 56 countries.

These countries paying for Nigeria’s oil it revealed cut across Western Europe, Oceania/Pacific, South America, North America, Middle East, Asia and the Far East as well as Africa.

In its last, foreign trade statistics, the National Bureau of Statistics revealed that in the third quarter of 2021 Nigeria sold N4.02 trillion worth of crude oil.

India led the pack of buyers of Nigeria’s crude in Q3 2021 spending N703.26 billion followed by Spain N544.59bn. Italy, France paid N442.11 billion, N233.74 billion respectively. Netherlands completed the top five buyers of Nigerian crude with over N226.79 billion paid into the account of the federal government. The United States which once led the table now sits at 6th place committing N199.54 billion within three months. Indonesia, Canada, Ivory Coast and Portugal completed the top 10 with N197.60 billion, N202.03 billion, N182.79 billion, and leads N117.8 billion.

With the Organization of the Petroleum Exporting Countries allowing Nigeria to pump extra 400,000 barrels next month to a total quota of 1.73 million daily, Nigeria could be in for more money. Although it is very unlikely for Nigeria to produce that much if for any reason it meets the approved quota, at least N8bn will come into the coffers of the government daily.

 

Source Derived: Ripple Nigeria

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