We’re going to look at the countries that dominate purchasing Nigerian crude petroleum. Subsequently, you will see who the biggest buyer amongst them is, as well as the number of barrels that are taken.
Let’s go down to the business of the day right away.
Biggest Buyer of Nigerian Crude Oil
Nigeria is the largest natural oil producer on the African continent and still ranks sixth worldwide. The country’s maximum natural oil capacity is approximately 2.5 million barrels per day.
This natural resource has supported the nation’s budget and economy for many decades.
Indeed, oil accounts for approximately 9 percent of Nigeria’s total GDP.
Nigeria sells its natural oil to other parts of Africa and beyond. This is then processed into petrol, diesel, engine oils, etc.
The Purchasers of Nigerian Natural Oil
Nigerian crude petroleum buyers originate from many parts of the world. A number of them are from the Middle East, the United States, Europe, and Africa.
Among these nations are those who purchase oil in greater quantities than others. They are therefore considered to be the largest buyers of natural oil.
Some of these countries include Spain, United States, South Africa, Cote d’Ivoire, India, Brazil, Indonesia, China, France, and so on.
However, we will examine their purchasing power on a case-by-case basis.
Following the statistics of the Energy Information Administration (EIA) In June 2019, Nigeria exported approximately 251,000 barrels of crude petroleum a day.
It means that an average of 7.2 million barrels of oil is exported in one month. This makes the United States the sixth-largest purchaser of Nigerian natural oil on the world market.
But around 2017, the U.S. was the second-largest purchaser of Nigerian crude petroleum. Throughout the season, an estimated 94 million barrels of oil were exported to the United States.
If not because of the increase in domestic products, the United States accounted for about 40 percent of Nigeria’s natural gas exports.
Around the second quarter of 2020, Spain took more than India to become the leading purchaser of Nigerian crude petroleum with about 14 percent.
According to some statistics, Spain is estimated to be buying about 192,876 barrels of natural oil per day. On an annual basis, Spain obtains approximately 70.4 million barrels of Nigerian crude petroleum.
Spain is currently one of Nigeria’s three largest natural oil buyers.
This country has been one of the main buyers of Nigerian natural gas in recent years. The data for 2020 shows that the Netherlands is the countries second largest purchaser of crude petroleum.
This is because their export rate is approximately 43 percent. The Netherlands gets approximately 73 million barrels of natural gas in season from 2019.
In case you haven’t noticed, South Africa has been the largest buyer of Nigerian crude petroleum in several years. But there is a significant decline in oil exports around 2016 and 2020.
Today, around 68.3 million barrels of oil are exported to South Africa annually. This made it the fourth-largest purchaser of Nigerian crude petroleum.
Following South Africa, the next largest purchaser of Nigerian oil in Italy. The country used to purchase more Nigerian oil around 2010 but declined sharply in 2012 to date.
Nonetheless, they still purchase a fair amount in recent times. At this point, an estimated 32.5 million barrels are exported to Italy every year.
China was one of the leading purchasers of Nigerian crude petroleum, though it’s not as large as the aforementioned countries. Crude petroleum exports to China fell around 2014 to approximately 10.56 million barrels annually.
However, recent NNPS figures show that the rate of oil exports to China has increased to 29.6 million barrels per year.
Among the other countries that buy Nigerian natural gas, Indonesia is the most consistent buyer of oil between 2013 and 2019.
On average, 17.1 million barrels export to Indonesia every year, as has been the case. However, the “Indonesian Head of Economic Affairs” wants to agree with the Nigerian government.
The agreement provided for Nigeria to provide assets for its government by increasing crude petroleum allocation to around 1.6 million barrels per day.
The reason is that Indonesia has a population of over 250 million people to meet their energy needs.
If the agreement proves to be positive, this simply means that approximately 403 million barrels will be exported to Indonesia every year.
The Biggest Natural Gas Buyer in Nigeria
At present, India is the largest purchaser of Nigerian crude petroleum since 2019.
Nigeria produces nearly two million barrels of oil daily. At the same time, India purchases roughly 750,000 barrels a day. India thus has a 30 percent buying power of Nigerian crude petroleum.
Consequently, about 273 million natural oil will be exported to India each year.
Around April 2021, India reportedly bought 8.65 million barrels of Nigerian oil. This means they have purchased approximately 288,200 barrels a day.
This decline occurred after buying approximately 12.35 million barrels (411,500 barrels per day) About this month last year.
Other Significant Purchasers of Nigerian Natural Gas
Outside of the major Nigerian natural oil purchasers mentioned above, other major nations also patronize the country’s crude petroleum.
Countries like the U.K. have purchased about 24.3 million barrels per year, and Côte d’Ivoire has purchased about 20.4 million barrels per year.
France and Singapore have acquired around 19.7 and 19.4 million barrels annually.
The U.S. Gulf Coast also bought about 19.4 million barrels annually. Then countries such as Togo and Turkey purchased around 17.3 million barrels respectively.
Not all countries have purchased Nigerian natural gas; others include Portugal, Germany, Sweden, Australia, Norway, Malaysia, Vietnam, Brazil, Thailand, Peru, Brunei, and so on.
The US was previously the main purchaser of Nigerian crude petroleum but was taken over by India, the Netherlands, and Spain.
This was according to the recently released by the Nigerian National Petroleum Corporation (NNPC). Right now, the largest purchaser of natural oil in Nigeria is India, as you can see above.