US May Likely Resume Buying Of Crude Oil From Nigeria – NNPC

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Nigeria Records N7trn Revenue From Crude Oil Exports

Nigeria and its former long-term crude oil trading partner, the United States, may soon renew their trading relationship in crude oil, the Minister of State for Petroleum, Dr. Ibe Kachikwu, reported.

READ ALSO: Fuel Scarcity: Nigerians Are Paying For Jonathan’s Sins – FG

The minister made this disclosure known during the inspection of the status of repair works on one of the country’s refineries in Kaduna.

Despite the Nigerian National Petroleum Corporation’s (NNPC) difficulties in meeting its cash call obligations, the minister stated during the weekend that the United States had made overtures to resume buying Nigeria’s crude oil.

READ ALSO: Fuel Scarcity Won’t End Until February 2016 – Oil Marketers

The development came on the heels of President Muhammadu Buhari’s July 2015 visit to the US. He, however, did not disclose details of the development but said that the US had indicated its interest in buying “very limited” quantities of Nigeria’s crude and that negotiation on that was ongoing.

“The fact of US actually being back into the sales of crude market obviously will impact on prices but what you find is that the volume of export that US intends to do is really minimal because there is a lot of local internal consumption and strategically they are still reaching out to buy a couple of Saudi barrels and in fact they are opening up to buy a couple of Nigerian barrels,” Kachikwu said.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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