India overtakes US as Nigeria’s biggest oil importer

June 19, 2014 | Commodities & Oilprice, Nigeria

London, United Kingdom | – India has taken over from the US as the largest importer of Nigerian oil, the Nigerian National Petroleum Corporation, (NNPC) 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 plc both forecast that the country will be largely energy independent by 2035.