Brazil Now Highest Buyer of Nigeria's Crude

Brazilhas overtaken India as the largest buyer of Nigeria's crude oil,
spending $990.09 million, about N158.414 billion on the purchase of
crude oil from Nigeria.

Data from the Nigerian National Petroleum Corporation, NNPC, on
activities in the oil and gas sector for March 2014, disclosed that
Brazil purchased 9.442 million barrels of crude oil from Nigeria in
the month under review.

Brazil's increased demand for Nigeria's crude, according to analysts,
may be as a result of the football World Cup, which the South American
nation hosted between June and July.

As at March, three months to the tournament, preparations were in top
gear in Brazil, to ensure a successful hosting.

The analysts are of the view that Brazil will very likely remain? the
highest importer for Nigeria's crude for May, June and July, when data
for the periods are released by the NNPC.

India, on the other hand, purchased 8.56 million barrels of crude oil
from Nigeria, estimated at $897.71 million, about N143.633 billion,
using a crude price of $104.86 per barrel.

The Netherlands spent $825.56 million, about N7.873 billion on the
purchase of 7.873 million barrels of crude oil from Nigeria; followed
by Spain with the purchase of 6.638 million barrels of crude oil,
estimated at $696.061 million, about N111.37 billion.

France purchased 4.015 million barrels of Nigeria's crude; United
Stated of America imported 3.892 million barrels, while Indonesia
purchased 3.89 million barrels of crude oil from Nigeria.

Others are: South Africa 2.897 million barrels of crude oil, Germany
1.985 million barrels, and Cote D'Ivoire, which imported 1.62 million
barrels of crude oil from Nigeria.

In general, the NNPC document revealed that Nigeria earned $6.561
billion, about N1.05 trillion from the export of 62.566 million
barrels of crude oil in the month of March.

Nigeria's crude export in March is a 4.77 per cent decline from the
previous month's crude export of 65.7 million barrels, estimated at
$6.889 billion, about N1.102 trillion.

Specifically, Europe was the highest buyer of Nigeria's crude, with
the importation of 26.57 million barrels.

Asia and the Far East followed with the purchase of 15.3 million
barrels of Nigeria's crude oil, while South America imported 10.39
million barrels of crude oil from Nigeria.

Other African countries purchased 4.454 million barrels of crude from
Nigeria; North America and Oceania/Pacific countries purchased 3.89
million barrels and 961,105 barrels respectively of Nigeria's crude.

Continuing, the NNPC said, "Total crude oil and condensates lifting
for both domestic and export were about 64.60 million barrels. Oil
companies lifted about 35.59 million barrels, representing 55.09 per
cent, while NNPC lifted 29.01 million barrels, representing 44.91 per
cent of the total.

"Lifting by fiscal regime shows 33.61, 28.22, and 2.77 million barrels
for JVC, PSC/SC, and Others respectively. Out of NNPC's lifting, 24.29
million barrels was for Federation Account, while 4.72 million barrels
was for domesticuse."

In the month of February, three countries - India, the Netherlands,
and Brazil, spent $2.97 billion, about N475.08 billion in the purchase
of crude oil from Nigeria.

Specifically, the three countries accounted for more than a third of
Nigeria's crude export in February, purchasing 26.75 million barrels
of oil.

Specifically, India purchased 10.44 million barrels of crude oil from
Nigeria in the month under review, followed by the Netherlands, with
9.385 million barrels, and Brazil 6.922 million barrels.

This is a slight difference from export figures in January, which
revealed that India, Netherlands and Spain, were the highest buyers of
Nigeria's crude oil, accounting for 45.01 per cent of Nigeria's total
crude export in January.