NewStats: 3,263,492 , 8,180,324 topics. Date: Friday, 06 June 2025 at 08:59 AM 6g196i

The Energy Information istration (IEA) has reported that US crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years.

Crude imports from Nigeria rose by 358,000 bpd to 364,000 bpd, marking the highest import figure from the African nation since October 2019.

The jump in imports comes as Nigeria’s 650,000 bpd Dangote refinery has faced an unplanned outage from April 7 to May 11, the Agency said on Thursday.

Crude inventories fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23, the EIA said, compared with analysts’ expectations in a Reuters poll for a 118,000-barrel rise.

U.S. crude exports rose during the week by 794,000 barrels per day (bpd) to 4.3 million bpd, helping push inventories lower.

“I found it a ive report, with higher US.. crude exports resulting in a crude draw,” said Giovanni Staunovo, an analyst at UBS.

“Pumping stations demanding more gasoline and diesel last week ahead of Memorial Day resulted in higher implied demand and draws for gasoline and distillates,” he added, referring to a U.S. holiday this week.

Oil prices rose slightly after the EIA reported a surprise draw in stockpiles, but were still trading in negative territory. Global Brent crude futures were off 56 cents to $64.34 a barrel at 12:11 p.m. EDT (1611 GMT), while U.S. West Texas Intermediate (WTI) futures were down 65 cents to $61.20 a barrel . Crude stocks at the Cushing, Oklahoma, delivery hub rose by 75,000 barrels, the EIA said.

U.S. refinery crude runs fell by 162,000 barrels per day in the week, while utilisation rates fell by 0.5 percentage points in the week to 90.2%, the EIA said. U.S. gasoline stocks fell by 2.4 million barrels in the week to 223.1 million barrels, the EIA said, compared with analysts’ expectations for a 527,000-barrel draw.

Gasoline supplied, a proxy for demand, rose last week to 9.45 million bpd, up from 8.64 million bpd the prior week.Distillate stockpiles, which include diesel and heating oil, fell by 724,000 barrels in the week to 103.4 million barrels, versus expectations for a 481,000-barrel rise, the EIA data showed.

U.S. distillate fuel oil stocks fell to their lowest last week since April 2005, while inventories in the U.S. Midwest were at their lowest since November 2017.

Net U.S. crude imports fell last week by 532,000 bpd to 2.05 million bpd, EIA said.

https://leadership.ng/nigerias-crude-export-to-us-hit-highest-level-in-6-years/

Good

helinues:
Good

after Buhari's diversification, it is still oyel that's good.

Interesting

Great. Long may it continue.

They should also show some workings in the mining sector. That's one area we can earn so much in exports. I honestly don't understand why successive Governments have failed to revitalize that sector.

Seems the mining sector is for a privileged few.

Islie:


https://leadership.ng/nigerias-crude-export-to-us-hit-highest-level-in-6-years/

Nlfpmod

We dong hear

Thank God

Congratulations ...... what an achievement

So where is the proceeds? Why not use it,, instead u choose to go and borrow.
Oh I done forget. Na stastitic we go chop?

Why can't we build refineries, refine these crude and sell the byproducts to the world? By so, it will earn us more foreign exchange.

AutoConsultng:
Interesting

How is it interesting that all the increased revenue is looted to bribe politicians who will keep ebilokan in office for more APC shege after 10 years of worse poverty, unemployment, inflation, insecurity, corruption etc than what PDP did in 16 years?

Any idea when ebilokan will achieve his N300/$1 short term goal after two years of hitting the ground running and borriwng billions from Afreximbank?

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My istration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

Hmmm

where will this money go to? last last na to borrow

Goodnews247:
With little or zero impact in the lives of Nigerians

Yorubalokan people in isale Eko are feeling the imapct o. Daily bread palliative no be wasa.
We just pray that no one is stampeded to death fighting for his palliative share. At least if ebilokan fails to create the millions of jobs promised, we can make do with his clueless palliative option. At all at all na im bad .

Glimpsetv:
A large crowd of Lagosians was filmed in a long queue struggling to collect a loaf of bread. To maintain order, several military personnel were on the ground to control the crowd. This has triggered a lot of reactions online.

Watch the video, share your thoughts in the comments.


https://www.youtube.com/watch?v=zYltMapDyIo?si=0-hO0Vt5C9uBxVd1

Wait O! So Dangote had unplanned outage for a month, nobody heard, it took a report from a foreign agency for us to know. PH Refinery shut down for maintenance and it’s a crime that sets the whole world ablaze. That useless sychophant energy expert MR Kelvin did not think he should mention in his numerous interviews over the last month that Dangote was shut down?

Audio

But when they pay Nigeria the huge monies.. they run to china to dash them buying fake fake product.. and buying nothing from the US , infact expecting the US to give them another round of monies to give drugs to it's sick HIV patients and also free funds to fight various disease ..

If u get monies from the US , use it to show appreciation by buying the US products... Not china dt can't dash u dime for HIV or military or even any other disease

casualobserver:
Wait O! So Dangote had unplanned outage for a month, nobody heard, it took a report from a foreign agency for us to know. PH Refinery shut down for maintenance and it’s a crime that sets the whole world ablaze. That useless sychophant energy expert MR Kelvin did not think he should mention in his numerous interviews over the last month that Dangote was shut down?

He mentioned it and Dangote refinery mentioned it in one of their reports that they were going for routine maintenance but had enough reserves for future supplies.

And that's despite a big chunk of Nigeria's crude going to Dangote refinery.

This major success is down to Mr Tinubu's ability to increase crude oil production from less than 1 million barrels under Mr Buhari to over 1.5 million barrels in just 2 years.

Yet, it is Messrs El Rufai, Malami, Buratai etc that served in Mr Buhari's government during which crude oil production steadily fell to economically suicidal level that are now gathering to form a coalition to reclaim the Presidency.

As Chief of Army Staff, the Nigerian army under Mr Burutai could not tame the illegal activities in the Niger Delta theat led to crude oil production falling so low.

Now, Mr Tinubu has done a wonderful job of increasing production by over 50%, yet this group of Northern born to rule personalities are now telling us they want to return to government, having left just 2 years ago!

To think some Southerners are bent on bringing these failures back to govern them is just unbelievable.

persius555:


He mentioned it and Dangote refinery mentioned it in one of their reports that they were going for routine maintenance but had enough reserves for future supplies.

I didn’t hear and it certainly did not gain any media traction. If it is NNPC, even my driver will know.

I thought we were importing crude from the US the other day?

Goodnews247:
With little or zero impact in the lives of Nigerians

The question ❓ is:
- ability and Transparency and Probity of -1.How Much Do Nigeria Earn/Earning in DOLLARS 💰- from the Exports of Our Crude Oil?
2-Why Can't Average Nigerian Know - what We Earn- in FOREX?
3-Why Should We Continue To Borrow Money 🤑💰 in DOLLARS - if we know how much we Earned- So Much?
4-How Much is Nigeria Income and Why Do Govt borders us with Heavy Expenditures - but We Don't Know Our Income Coming To Nigeria?
•This Has Been Going On For Years ,with Past Govt-- Since Independence of Nigeria 1960,1963,till today- but we want President Tinubu to Change the System - for a Better NIGERIA!
NIGERIANS are waiting to know How Much Value Do They Add .
•Just Facts and Truth about Our Systems and how they are Impacting on NIGERIANS and even on Our Rural AREAS.

How many barrels do we export out of the country presently?

That figure is needed, I want to calculate something

This is good news oo.

More of this pls

Islie:

The Energy Information istration (IEA) has reported that US crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years.

Crude imports from Nigeria rose by 358,000 bpd to 364,000 bpd, marking the highest import figure from the African nation since October 2019.

The jump in imports comes as Nigeria’s 650,000 bpd Dangote refinery has faced an unplanned outage from April 7 to May 11, the Agency said on Thursday.

Crude inventories fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23, the EIA said, compared with analysts’ expectations in a Reuters poll for a 118,000-barrel rise.

U.S. crude exports rose during the week by 794,000 barrels per day (bpd) to 4.3 million bpd, helping push inventories lower.

“I found it a ive report, with higher US.. crude exports resulting in a crude draw,” said Giovanni Staunovo, an analyst at UBS.

“Pumping stations demanding more gasoline and diesel last week ahead of Memorial Day resulted in higher implied demand and draws for gasoline and distillates,” he added, referring to a U.S. holiday this week.

Oil prices rose slightly after the EIA reported a surprise draw in stockpiles, but were still trading in negative territory. Global Brent crude futures were off 56 cents to $64.34 a barrel at 12:11 p.m. EDT (1611 GMT), while U.S. West Texas Intermediate (WTI) futures were down 65 cents to $61.20 a barrel . Crude stocks at the Cushing, Oklahoma, delivery hub rose by 75,000 barrels, the EIA said.

U.S. refinery crude runs fell by 162,000 barrels per day in the week, while utilisation rates fell by 0.5 percentage points in the week to 90.2%, the EIA said. U.S. gasoline stocks fell by 2.4 million barrels in the week to 223.1 million barrels, the EIA said, compared with analysts’ expectations for a 527,000-barrel draw.

Gasoline supplied, a proxy for demand, rose last week to 9.45 million bpd, up from 8.64 million bpd the prior week.Distillate stockpiles, which include diesel and heating oil, fell by 724,000 barrels in the week to 103.4 million barrels, versus expectations for a 481,000-barrel rise, the EIA data showed.

U.S. distillate fuel oil stocks fell to their lowest last week since April 2005, while inventories in the U.S. Midwest were at their lowest since November 2017.

Net U.S. crude imports fell last week by 532,000 bpd to 2.05 million bpd, EIA said.
https://leadership.ng/nigerias-crude-export-to-us-hit-highest-level-in-6-years/

Nigeria is more of a gas-rich country with even more bituminous reserves within the vast bitumen belt extending from Lagos, Ogun, Ondo, and Edo States with Canada having the largest reserves worldwide) than the diminishing crude oil reserves.

It's impressive though that crude oil production has increased within the two-year Presidency of 'Bola Tinubu who is an oil and gas technocrat himself with a background as a Chartered ant and Auditor with Mobil Nigeria [now ExxonMobil], rising to the senior rank of a treasurer with the same multinational oil company.

It's important to focus more on the gas and bitumen reserves for local use through value addition and exports and that's where the sustainable, long-term economic benefits will come from.

We should find other means to generate revenue not just crude oil.

More import tariffs paid

Rubbish statistics!

What happens if we build capacity to export refined petroleum instead??
We'd be selling a much pricey commodity and boost GDP. The shorter supply of crude oil will drive up the global price, which in turn drives up the prices of refined products. And we will be making a lot more money than we're making now.
Raw materials seller will always be poorer than finished products seller.
Any sensible govt will focus energy on exporting valuable refined petroleum, not cheap crude oil.