OPEC sees decline in demand for crude oil from Nigeria, others in 2015

The Organisation of Petroleum Exporting Countries (OPEC) has cut its forecast of demand for crude oil from the 12-member oil cartel next year by 300,000 barrels per day (bpd), against the backdrop of surging supply from non-OPEC producers, particularly the United States (US).

The US overtook Saudi Arabia and Russia to become the world’s biggest producer of oil as extraction of energy from shale rock strengthens the nation’s economy, Bank of America Corporation said in a report last week.

With efforts towards lifting the almost 40-year-old ban on crude oil exports in the US gaining traction, Nigeria and other oil-exporting West African countries stand to

Nigeria, others face pressure as US closer to crude oil exports

With efforts towards lifting the almost 40-year-old ban on crude oil exports in the United States (US) gaining traction, Nigeria and other oil exporting West African countries stand to lose a share of the global crude oil export market when US crude exports come online.

Late last month, the US Commerce Department granted licences for the export of ultra-light crude oil or condensates to two Texas-based companies, Pioneer Natural Resources and Enterprise Products Partners, from August this year, in what is the first step towards easing the ban on exporting unrefined oil that was enacted after the 1973 Arab oil embargo to curb rising fuel prices.

The decline in US imports of Nigerian crude has