India remains Nigeria’s biggest oil importer

Oil exports from Nigeria to India rose by 10 per cent from 188,000 barrels per day (b/d) to 207,000 b/d despite the massive militant attacks on oil installations that cut Nigeria’s oil production last year.

Shipping data obtained from Bloomberg showed that Nigeria still retained its position as the second largest crude supplier to India after Iraq in 2016.

Iraq’s shipment rose to 329,000 b/d to remain top supplier, followed by Nigeria and Angola with 100,000 b/d.

India has remained the single largest buyer of Nigerian crude in the past few years after the United States lowered its imports from the country on the back of its shale oil production boom.

Analysis of the shipping data, showed that India bought more of Nigerian crude last year than they did from Asian neighbours - Saudi Arabia 82,000 b/d; UAE 31,000 b/d; Iran 94,000 b/d and Kuwait 89,000 b/d.

However, Nigerian shipments slumped 52 per cent to 89,000 b/d in January 2017 compared to December 2016 as Angola (120,000 b/d) marched ahead of Nigeria, to become second largest supplier.

Militant attacks that affected the Trans Forcados Pipeline (TFP) reportedly forced key Indian clients of Nigeria, mostly state-run companies, to turn to Angola with imports from that country rising nearly 70 per cent.

The TFP, which is the major trunk line within the Forcados oil pipeline system, has been shut since last year.