India Becomes Nigerian Oil Biggest Importer

India has taken over from the US as the largest importer of Nigerian oil, the West African state’s national oil company has said.

The US has “drastically reduced” its demand for Nigeria’s crude oil in recent months, the Nigerian National Oil Corporation said.

The country is currently buying about 250,000 barrels a day.

India now buys considerably more – about 30% of the country’s 2.5 million barrels of production.

US demand for imported oil has fallen sharply because of increasing domestic shale gas and oil production – so much so that the International Energy Agency and oil giant BP both forecast that the country will be largely energy independent by 2035.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza