Good News For Nigeria Economy: Portugal, Malaysia, Others Buy Nigerian Crude Oil First Time


Nigerian maybe on the way to a greener economy as her crude cargoes found their way to Portugal for the first time this year, crude export destination data released by the Nigerian National Petroleum Corporation (NNPC) reveals.

Around 948,000 barrels of Nigerian crude was exported to the Western European country in May 2017, the latest NNPC report also showed. The last time shipments of Nigerian crude oil called at Portuguese ports were in November last year and around 996,000 barrels crude was offloaded.

The report also showed that West African neighbour Cameroon also bought 700,000 barrels of Nigerian crude grades for the first time that same month after halting Nigerian crude import five months earlier.

According to Daily Trust, Nigerian crude export to far East Asia for that month was boosted by the resumption of import by Malaysia, according to the data. The country bought 1.9 million barrels of Nigerian crude in January 2017 but didn’t order for it again until May when 948,000 barrels of Nigerian crude were shipped to the country.

Exports of Nigerian crude, described as light and sweet and hot cake in the market, has seen a resurgence in recent times following steady resumption in production after a respite in attacks by militants in Niger Delta where Nigeria’s oil is produced.
Good News For Nigeria Economy: Portugal, Malaysia, Others Buy Nigerian Crude Oil First Time Good News For Nigeria Economy: Portugal, Malaysia, Others Buy Nigerian Crude Oil First Time Reviewed by Exlink Lodge on Tuesday, November 14, 2017 Rating: 5

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