India Imports Less Nigerian Oil in August

Falling Oil Prices IllustrationThis illustration depicts an oil refinery as well as falling oil prices.
  • India Imports Less Nigerian Oil in August

India, one of Nigeria’s largest crude oil importers, imported less Nigerian crude oil in August, according to Reuters report published on Monday.

The total oil imported from Nigeria in August dropped by 34 percent to 279,000 barrel per day, data from the industry and shipping sources shows.

However, India imported more crude oil from the US during the same month. India imports rose by 3.1 percent to 4.7 million barrels in August, up 15.8 percent from a year ago, data for the month shows.

India’s refiners increased US import orders in June to profit from the discount between the US crude future and Brent, the international benchmark.

Brent crude oil, against which Nigeria’s crude is priced, rose to $80.09 as of 9:30 pm Nigerian time on Wednesday.

The jumping in price was attributed to the drop in US crude inventories for the week ended September 7, and the widely expected US-Iran sanctions.

Crude Oil Production

Nigeria’s oil production rose from 1.53 million per day in July to 1.71 million per day in August, according to Organisation of Petroleum Exporting Countries (OPEC) monthly oil market report released on Wednesday.

OPEC average 32.56 million barrel per day in August, representing an increase of 278,000 barrel per day when compared to July.

Oil production surged mainly in Libya, Nigeria, Iraq and Saudi Arabia in August, but declined in Iran, Venezuela and Algeria, the 15-member oil cartel said.

UKOilWeekly

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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