India Loses Position As Nigeria’s Largest Oil Buyer

India Loses Position As Nigeria’s Largest Oil Buyer

The latest monthly report from the Nigerian National Petroleum Corporation (NNPC) has shown that for the first time in at least two years, India’s monthly import of Nigerian crude oil has fallen below six million barrels, The Punch reports.

The Asian country lost its spot as Nigeria’s top oil buyer in December, as its import tumbled to a record low of 5.82 million barrels from 14.42 million barrels in November. It bought 17.2 million barrels in January 2016. India, which in 2013 replaced the United States as Nigeria’s biggest market, saw its import of Nigerian crude rise to a peak of 20.37 million barrels in April 2015.

Netherlands emerged the biggest importer of Nigerian crude in December 2016 as it bought 10.11 million barrels, up from 4.77 million barrels the previous month. The United States was the third-largest buyer of Nigerian crude as its import fell to 5.63 million barrels from 11.22 million barrels in November.

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