China Increases Orders as US Reduces Demand for Nigerian Crude Oil
Due to surging output and refinery closures in North America, the United States has cut back its orders for supply of Nigeria’s crude oil.
Nigeria was the 5th largest supplier of crude to the USA and the loss of volume from one of its major trading partners has caused Nigeria to have to seek out alternative markets to supply its crude oil.
That shortfall is being picked up by Asia, however the Asian markets are demanding a per barrel price reduction due to the increased cost of shipping the crude to for instance China.
The distance between Bonny Terminal and Tianjin China is 12,172 miles compared with the distance to New York which is almost half at 5,847 miles.
According to data from Bloomberg, Asian customers will increase their daily imports of Nigerian crude in June, buying at least 513,333 barrels of Qua Iboe per day.
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