Anxiety Mounts Over U.S. Oil ImportsFfrom Nigeria Following Trump’s Victory

As the President-elect of the United States of America (U.S.A.) continues to celebrate his victory, there is anxiety over how his administration is going to manage the relationship between Nigeria and the U.S. in respect of crude oilEXPORTS.

Already, experts are of the opinion that Donald Trump’s hostility toward trade with the Organisation of the Petroleum Exporting Countries (OPEC) and interest in the U.S. energy security should be a source of worry to Nigeria, which is a member of OPEC. Although, Trump has not publicly declared war against OPEC since becoming President elect of the U.S, his campaign promises indicate he would likely adopt policies in favour of increasing fossil fuel (oil, gas and coal) output, which may reduceIMPORTS from Nigeria.

Speaking on the possible implications of the U.S. new administration on crude oil imports from Nigeria, Ecobank Group Head of Energy Research, Dolapo Oni said America is likely to view the sector as one where they can create jobs and will look to boost oil production. “Higher U.S. oil output could mean lower imports from Nigeria again. U.S. imports of oil from Nigeria has gradually risen this year to an average of 250,000 bpd, but we could see it go back down towards the lower five digits. I think Nigeria’s relationship with the U.S. is going to have to change as well. We need to see how to get more U.S. involvement in our gas sector,” he added.

Author: NewsAdmin

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