Brazil overtakes India as the largest purchaser of Nigeria crude oil after spending US$ 990m in purchase of the crude oil from the country.
According to the Nigerian National Petroleum Corporation (NNPC) figures on activities in the oil and gas sector for the first quarter of this year, Brazil bought a total of 9.442 million barrels of crude oil from Nigeria in the month under review.
Reports indicate that India purchased about 8.56 million barrels of Nigeria crude oil. These have an estimated value of US$ 898m, using a crude price index of $104.86 per barrel.
The Netherlands spent US$ 826m on the purchase of 7.873 million barrels of crude oil from Nigeria. Spain came second by purchasing 6.638 million barrels of crude oil, estimated to cost US$696m. data shows that 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 Nigeria crude oil.
Among consumers of Nigeria crude oil in Africa are South Africa and Cote D’Ivoire, with 2.897 million barrels and 1.62 million barrels respectively.
The amount of crude oil going to Germany was 1.985 million barrels.
According to experts, the high demand of Nigeria crude oil by Brazil might be due to the hosting of football World Cup 2014 that ended between June and July.