In a recent report by the U.S. Energy Information Administration (EIA), crude oil imports from Nigeria have reached their highest level in nearly six years. The U.S. imported 364,000 barrels per day (bpd) of Nigerian crude last week, a significant jump from previous figures and the highest since October 2019.

This surge comes at a time when U.S. crude and fuel inventories are experiencing notable declines. Crude stockpiles fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23. Increased U.S. exports, higher demand for gasoline and diesel ahead of Memorial Day, and a temporary outage at Nigeria’s Dangote refinery have all contributed to the shift.

The Dangote refinery, which has a refining capacity of 650,000 bpd, faced an unexpected shutdown from April 7 to May 11, likely influencing Nigeria’s export behavior during that period.

Despite the rise in imports from Nigeria, overall U.S. crude imports fell, and gasoline and distillate stocks dropped, pushing U.S. distillate fuel oil inventories to their lowest level since April 2005.

The developments highlight Nigeria’s ongoing role in global energy supply chains, even as the nation continues to grapple with internal energy sector challenges and infrastructure gaps.

Source: Reuters