Oil trade between the United States and Nigeria witnessed an unprecedented shift during February and March, as Washington became a net exporter of crude oil to Abuja for the first time.
The U.S. Energy Information Administration stated that this shift was the result of a decline in U.S. demand for oil imports during extended maintenance at East Coast refineries, coupled with increased demand in Nigeria to feed the Dangote Refinery, which began operating in early 2024.
According to the report published on its official website, total U.S. crude oil exports to Nigeria reached 111,000 barrels per day in February and 169,000 barrels per day in March.
During the same period, total U.S. imports of light, sweet crude oil from Nigeria declined to 54,000 barrels per day in February and 72,000 barrels per day in March, from 133,000 barrels per day in January.
While Nigeria has historically been a major supplier of crude oil to the United States—ranking among the top five between 1973 and 2011—the boom in US crude production has gradually reduced this dependence, with it falling to ninth place on the list of suppliers in 2024
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