The expected rise in Nigeria’s crude oil export next month is coming at a time when output from the North Sea in Europe will reach the highest in more than three years amid a persistent global production surplus.
Europe, which is Nigeria’s biggest regional crude market, has increased its import of the country’s crude in recent times, partly offsetting the loss of the United States as a key buyer. In 2014, 45 per cent of Nigerian crude exports went to Europe, according to the US Energy Information Administration.
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