Nigeria: What are the Implications for Tanker Demand?
Nigeria’s crude oil production and exports have been hit by severe outages as a result of attacks on oil infrastructure by rebel fighters in the Niger River Delta. Various sources report that Qua Iboe Terminal has shut down operations until further notice. All tanks on the facility were emptied of crude, operations have ceased completely and all personnel have been evacuated from the terminal, which is operated by ExxonMobil. Qua Iboe is Nigeria’s largest crude oil stream and exports usually more than 300,000 barrels per day (b/d). Exports of Nigeria’s other large crude oil grades, like Forcados, Bonny Light and Escravos have also been restricted, primarily due to sabotage and attacks on pipelines. As a result of the outages Nigeria’s oil production has dropped below 1.5 mb/d.
Saudi Arabia Tops U.S. Oil Import List
Saudi Arabia is far ahead of the pack as the top crude oil supplier to the U.S. market in March, the U.S. Energy Information Administration (EIA) said. Saudi Arabia exported 1.474 million bpd of crude to the U.S. in March, up 246,000 bpd from the month before and 107,000 bpd above last year's average, based on EIA data. Mexico jumped two spots to second place with oil exports of 1.246 million bpd, pushing Canada and Venezuela down to tie for third place with shipments of 1.209 million bpd each. Iraqi oil imports dropped by more than one-third in March to 468,000 bpd from 719,000 bpd the month before, while Nigerian oil imports soared 55 percent to 994,000 bpd from 642,000 bpd in February. Total U.S.
