Victim of shale Revolution, Nigeria stops exporting oil to US
"Oil analysts believe that Africa-US oil trade could completely stop in the next two-to-three years as other leading exporters, including Angola, Libya and Algeria, suffer the same fate as Nigeria. If that materializes, Africa will have to find new customers for its oil, going head-to-head with Middle East producers in the key Asian market." JB
Nigeria has become the first country to completely stop selling oil to the US due to the impact of the shale revolution – an astounding reversal as the African nation was only four years ago one of the top-5 oil suppliers to America.
According to the US Department of Energy, Nigeria did not export a single barrel of crude to US-based refiners in July for the first time since records start in 1973. Preliminary data suggest the trend continued in August and September. Continue reading »
Funmi Tofowomo Okelola
-In the absence of greatness, mediocrity thrives.
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