Source: Nigerian Budget Office
This is just a stark reminder of how bad Nigerian crude oil exports have performed this year. From exporting over 450,000 barrels to the US in 2007, Nigeria exported nearly zero to the US in 2014. To make matters worse, Nigeria is now selling crude oil to Asian buyers at a discount to ensure we retain some market share. Before now, Nigerian BFO-Qua Crude sold for a $2 to $3 premium to the Brent Crude. That margin has now shrunk to under a dollar. Is this the turning point Nigeria has been waiting for?