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U.S Crude Oil Surge Creates Concern For Nigeria.

By on December 20, 2012

One of Nigeria’s greatest partner in the oil market the United States of America, just released an information that has generated a lot of concern at the moment in the energy market. The information is that the U.S expanded its oil production in the highest capacity since the first commercial drilling in 1859.

While this is good news for the Obama administration that the globe’s leading economy will no longer be depending on heavy importation of crude oil from producing nations, leading producers like Nigeria will be exploring what new options exist in trade partnership for crude oil exports.

A lot of analysts have been understudying the cold level of trade deals between the U.S and Nigeria, since the first ever black American became President of the country. With this development it could get colder, as the crude oil exports was one of the major deals that strengthened the relationship.

The U.S government data report showed that net imports on petroleum in the United States dropped by 38 percent since 2005 and the indications reveal that the much anticipated quest and desire of becoming a viable energy independent nation will become achievable.

Phenomenal growth in Oil production in America, which was an issue of debate during the U.S presidential elections, has improved rapidly due to the development of a new faster technique of drilling which has made oil production effective.

Ed Morse, a global commodities analyst stated that “The U.S. has a huge lead in the 21st century in maintaining its superpower status”. Which informs a great surge for the nation; thus giving it an opportunity to dictate the pace of the global economy from the energy market perspective.

It can be recalled that Former President George Bush shared the fears that the United States was depending on Oil imports from dangerous nations that could mar its foreign policy stability.

President Obama assured Americans that the Government will do everything possible to ensure that the nation moves on the pathway to being energy independent and the recent report from the international energy agency that the nation could surpass Saudi Arabia in production by 2020 is tenable.

What does this mean for Nigeria? It means that our greatest oil trading partner may soon wake up to say that it is ok and does not need its export of crude oil, and that means time to explore other opportunities.

 

One Comment

  1. Walerich

    December 20, 2012 at 11:22 am

    I believe that this development will help our leaders to wake up and use their heads and explore other areas of our resources