India, which is Nigeria's biggest oil market, reduced its import of the country’s crude by 38 per cent in December, while China did not even import a barrel from the country during that period, these are from the data obtained from the Nigerian National Petroleum Corporation.
India’s import of Nigerian crude drastically dropped to 5.2 million barrels in December, from 13.7 million in October and 12.4 million in November 2014.
China, which bought 1.9 million barrels of Nigerian crude in October, reduced its import from the country by 50.3 per cent to 946,913 barrels in November.
With the decline in imports from India and China, the share of the Asian region in Nigeria’s crude oil export dropped to 20 per cent in December from 30 per cent in October and 27 per cent in November.
The Asian region, which is the major target market for many oil exporters, is a key market for Nigeria.
Total export from Nigeria in the month of October stood at 65.9 million, down from 67.1 million barrels in September and 70 million barrels in August, according to the NNPC data.
The Nigerian crude oil market is crumbling.
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