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Nigeria’s Biggest Crude Oil Buyer Cuts Down Import

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Nigeria’s biggest crude oil buyer, Reliance Industry, has drastically cut down its import from the country.

Nigeria's Biggest Crude Oil Buyer Cuts Down Import
Nigeria’s Biggest Crude Oil Buyer Cuts Down Import

India Reliance Industry has been Nigeria’s single largest buyer of crude oil in the past few years.

According to  Reuter, the company’s  imports of Nigerian crude oil were down to zero in the first quarter of the year, compared to 9,800 barrels per day in Q1 2019. India Reliance Industries imported 8.3 per cent less oil in March than in the same month of 2019. 

However, March imports, at 1.24 million bpd, were 6.1 per cent per cent above that of February.Reliance shipped in 43.19 cent of its imports from  Middle East, compared to 37 per cent last year.
Adelowo Adegboyega
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