FINALLY, US HALTS OIL IMPORTS FROM NIGERIA

The United States, hitherto Nigeria’s largest crude oil importer, has finally stopped the importation of Nigerian light sweet crude. The volume of Nigeria’s crude exports to US refineries had earlier witnessed drastic reduction and “on-and-off supplies” in the last one year as explorations of shale oil in the US yield more fruits.

But the Federal Government officially confirmed at the weekend that Washington has stopped buying oil from Nigeria. The Nigerian National Petroleum Corporation (NNPC), operator of government’s stake in oil business, described this crisis, which also affects other African exporters of sweet crude, as a major “market disruption.”

Read more @ New Telegraph