Kachikwu says US may resume purchase of Nigeria’s crude

The minister of state for petroleum, Dr Emmanuel Ibe Kachikwu has given strong indications that the United States may soon resume buying Nigeria’s crude oil following ongoing talks in this regard between the US and the federal government, Leadership reports.

Kachikwu stated that despite having diversified into the Asian market and other parts of the world, the federal government is presently in talks with the United States government on the possibility of the latter resuming the purchase of crude oil from Nigeria. Kachikwu noted that the development is part of the outcome of President Muhammadu Buhari’s visit to the United States.

The minister, however, explained that it would be wrong to say that there’s presently zero infusion of Nigerian crude into the US, noting that there are about three oil majors, including ExxonMobil, which are US-based companies that export their share of Nigerian crude into US-based refineries. He therefore stated that the Nigerian National Petroleum Corporation (NNPC) portion of crude is the one being discussed.