Stella Dimoko Korkus.com: India Buys First US Sweet Crude,Deal Threatens Nigeria Market

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Tuesday, 8 August 2017

India Buys First US Sweet Crude,Deal Threatens Nigeria Market

India’s state-run refiner Bharat Petroleum Corp Ltd (BPCL) bought one million barrels of US crude oil grade, the West Texas Intermediate (WTI) Midland sweet crude, for delivery in October, making it BPCL’s first purchase of the sweet variety from the US.





The deal made IOC the first state-run refinery in India to buy US crude.

It could also deal a blow to Nigeria whose number one crude oil export destination is India.

India’s IOC buys some 8 million tons of crude oil from Nigeria; most of it light sweet and they are bought from spot markets where prices are subject to extreme volatility.

Culled from Daily Trust

5 comments:

Anonymous said...

What does this mean in layman terms as regards its effect to the Nigerian market?

Miss Ess said...

Ok

Anonymous said...

It means that we will likely have more crude and then we could explore other options of making money like agricultural exports, industrialization, science and technology but a few. We go rest finally!

El Haj said...

That means less market for Nigerian crude. India & China are our biggest buyers. If they are not buying much from us we are earning less.
America used to be our biggest buyer until 2012 when they began shale oil operations.
We must diversify our economy quickly otherwise we are toast in few years time.

The Lifted said...

bad news

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