India replaces US as Largest importer of Nigeria's oil
India now tops United States as top importer of Nigeria crude oil, the Nigerian National Petroleum Corporation (NNPC) said on Thursday.
The Asian country is followed closely followed by China and Malaysia.
Group General Manager, Public Affairs Division, NNPC, Mr Ohi Alegbe, in a statement in Abuja, quoted the corporation's coordinator, Corporate Planning and Strategy, Mr Tim Okon, as making the disclosure in Moscow, Russia at the ongoing 21st World Petroleum Congress (WPC).
The statement read, “The US which had traditionally taken the bulk of Nigeria's crude has in recent months drastically reduced its demand which now stands at about 250,000 barrels per day. India, however, now purchases some 30 per cent of Nigeria's daily crude production which currently hovers around 2.5 million barrels,” the statement read in part.
“Nigeria will not ignore any market in its quest to remain competitive in the global oil and gas industry. Asia is important and in that respect, we have regards for all markets. The important thing is to make sure that you are selling the products that you have and you do not ignore any market. The Asian countries have since replaced the US.”