Spain tops as largest buyer of Nigeria’s crude oil, LNG, as India dumps Nigeria, snaps up cheap Russian oil
Oredola Adeola
Spain has emerged as the largest buyer of Nigeria’s crude oil and Liquified Natural Gas(LNG) in the third quarter, Q3, 2022, displacing India from the top spot among other partner countries exporting the two commodities from Nigeria in the period under review.
This was contained in the document released by the National Bureau of Statistics (NBS) titled: “Commodity Price Indices and Terms of Trade (Q3, 2022), obtained by EnergyDay on Tuesday.
The NBS’s document showed that Spain, India, France, The Netherlands, and The United States of America, are the five major export markets of Nigeria in Q3, 2022.
The document ranked Spain as first among other Nigeria’s partner countries, during the third quarter of 2022, with its exports totaling N873.62 billion compared with India with exports trade valued at N619.22 billion during the quarter under review.
Spain’s total spending for Nigeria’s crude oil and LNG was valued at N862.75 billion, while India’s spending on the same commodities was N605,73 billion for the period under review.
EnergyDay’s check showed Nigeria’s commodities export trade to Spain dropped to N873.62 billion during Q3, 2022, from N1,035.55 billion recorded in Q2, 2022, despite emerging as the biggest export destination for Nigeria.
The NBS document showed that crude oil exported to Spain from Nigeria increased to N873.62 billion in Q3,2022, from N854.86 billion recorded in Q2,2022.
Whereas Spain’s importation of Nigeria’s LNG increased to N282.49 billion in Q3,2022, from N169.62 billion recorded for Q2, 2022.
Further analysis of the document showed that the exportation of Nigeria’s Crude Petroleum oils to India for Q3, 2022 dropped to N559.35 billion from N1.008.58 trillion recorded in Q2, 2022.
Nigeria’s LNG exported to India dropped to N46.38 billion in Q3,2022 from N48.39 billion recorded in Q2,2022.
Out of the N430.40 billion value of commodities exported to France in the period under review, that country’s exports were largely dominated by Petroleum oils and oils obtained from bituminous minerals, crude valued at N413.83 billion, while Nigeria’s LNG export to the country stood at N10.26 billion.
In Q3, 2022, Nigeria’s export trade with the Netherlands was valued at N 420.41 billion. Major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude (N396.51 billion).
Nigeria’s export trade to the United States of America stood at N335.95 billion in the period under review.
Major commodities exported during the third quarter of 2022 were Petroleum oils and oils obtained from bituminous minerals; crude worth N292.83 billion, while its LNG offtake from Nigeria was valued at N32.35 billion in the period under review.
INDIA DUMPS NIGERIA’S CRUDE OIL FOR CHEAP RUSSIAN OIL
EnergyDay’s check showed that Russia has attracted India with cheap crude oil at very lower rates, becoming India’s second-largest crude oil supplier after Iraq.
India depends on imports to meet 85% of its petroleum needs.
Russia’s share in India’s oil imports bucket rose from a mere 1% in February—before the Ukraine war—to 18% by June 2022.
In May, supplies from Russia were priced at $16 cheaper than the average Indian imported crude oil barrel of $110.
Russia has so far reduced $30 on every barrel of oil it sells to India, after Canada, France, Germany, Italy, Japan, the UK, and the US constituting the G7, stopped trading with Russia, in order to choke the country’s crude oil revenue streams alleged to be used to fund the Ukraine war.
