Uncategorized

Brazil Now Highest Buyer of Nigeria’s Crude

Published

10 years ago

August 19, 2014

Brazil has overtaken India as the largest buyer of Nigeria’s crude oil, spending $990.09 million, about N158.414 billion on the purchase of crude oil from Nigeria.
Data from the Nigerian National Petroleum Corporation, NNPC, on activities in the oil and gas sector for March 2014, disclosed that Brazil purchased 9.442 million barrels of crude oil from Nigeria in the month under review.
Brazil’s increased demand for Nigeria’s crude, according to analysts, may be as a result of the football World Cup, which the South American nation hosted between June and July.
As at March, three months to the tournament, preparations were in top gear in Brazil, to ensure a successful hosting.
The analysts are of the view that Brazil will very likely remain? the highest importer for Nigeria’s crude for May, June and July, when data for the periods are released by the NNPC.
India, on the other hand, purchased 8.56 million barrels of crude oil from Nigeria, estimated at $897.71 million, about N143.633 billion, using a crude price of $104.86 per barrel.
The Netherlands spent $825.56 million, about N7.873 billion on the purchase of 7.873 million barrels of crude oil from Nigeria; followed by Spain with the purchase of 6.638 million barrels of crude oil, estimated at $696.061 million, about N111.37 billion.
France purchased 4.015 million barrels of Nigeria’s crude; United Stated of America imported 3.892 million barrels, while Indonesia purchased 3.89 million barrels of crude oil from Nigeria.
Others are: South Africa 2.897 million barrels of crude oil, Germany 1.985 million barrels, and Cote D’Ivoire, which imported 1.62 million barrels of crude oil from Nigeria.
In general, the NNPC document revealed that Nigeria earned $6.561 billion, about N1.05 trillion from the export of 62.566 million barrels of crude oil in the month of March.
Nigeria’s crude export in March is a 4.77 per cent decline from the previous month’s crude export of 65.7 million barrels, estimated at $6.889 billion, about N1.102 trillion.
Specifically, Europe was the highest buyer of Nigeria’s crude, with the importation of 26.57 million barrels.
Asia and the Far East followed with the purchase of 15.3 million barrels of Nigeria’s crude oil, while South America imported 10.39 million barrels of crude oil from Nigeria.
Other African countries purchased 4.454 million barrels of crude from Nigeria; North America and Oceania/Pacific countries purchased 3.89 million barrels and 961,105 barrels respectively of Nigeria’s crude.
Continuing, the NNPC said, “Total crude oil and condensates lifting for both domestic and export were about 64.60 million barrels. Oil companies lifted about 35.59 million barrels, representing 55.09 per cent, while NNPC lifted 29.01 million barrels, representing 44.91 per cent of the total.
“Lifting by fiscal regime shows 33.61, 28.22, and 2.77 million barrels for JVC, PSC/SC, and Others respectively. Out of NNPC’s lifting, 24.29 million barrels was for Federation Account, while 4.72 million barrels was for domestic use.”
In the month of February, three countries – India, the Netherlands, and Brazil, spent $2.97 billion, about N475.08 billion in the purchase of crude oil from Nigeria.
Specifically, the three countries accounted for more than a third of Nigeria’s crude export in February, purchasing 26.75 million barrels of oil.
Specifically, India purchased 10.44 million barrels of crude oil from Nigeria in the month under review, followed by the Netherlands, with 9.385 million barrels, and Brazil 6.922 million barrels.
This is a slight difference from export figures in January, which revealed that India, Netherlands and Spain, were the highest buyers of Nigeria’s crude oil, accounting for 45.01 per cent of Nigeria’s total crude export in January.