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India now highest buyer of Nigerian crude oil with 127.1mb in 11 months

Latest figures from the Nigerian National Petroleum Corporation (NNPC) have shown that India topped the chat of international buyers of Nigeria’s crude oil between February and November 2016 with 127.1 million barrels of crude within the period under review.

Other Nigeria’s crude oil favourite export destinations in that order include Spain who imported over 54 million barrels and Netherlands 40.7 million barrels within the period under review.

Besides, North America’s crude oil import from Nigeria increased from 5.9 million barrels in October to 13.1 million barrels in November 2016. The North America countries, which include Canada, Panama and United States Atlantic Coast, imported a total of 111 million daily between January and November 2016.

On the sale of white products, that is refined products, NNPC put the total revenues generated last year at N1.3 trillion, where Premium Motor Spirit (PMS) contributed about 87.67 per cent of the revenues collected with a value of N1.2 trillion.

While revealing that the production of PMS and Dual Purpose Kerosene (DPK) by the domestic refineries in December 2016 amounted to 123.18 million litres compared to 191.75 million litres in November 2016, NNPC said about 722.94 million litres of white products were supplied into the country through the Direct Sales Direct Purchase (DSDP) arrangements where 1,003.28 million litres was supplied in November 2016; and 683.15 million litres of PMS and 39.79 million litres of DPK were supplied through DSDP in December 2016.

Giving more details on the performance of the refineries, NNPC report said “For the month of December 2016, the three refineries produced 121,555 metric tonnes (mt) of finished Petroleum Products out of 141,998mt of crude processed at a combined capacity utilisation of 7.55 per cent compared to 12.78 per cent combined capacity utilisation achieved in the month of November 2016”.

“The adverse performance was due to crude pipeline vandalism in the Niger Delta region coupled with on-going refineries revamp; however the three refineries continued to operate at minimal capacity. Only PHRC processed crude during the month.

The report was however silent on the performance of oil swap deals within the period under review.