
US became net exporter of crude to Nigeria for the first time, EIA says
This is the first time that the U.S. has exported more crude oil to Nigeria than it imported. Nigeria is generally considered a source for U.S. crude oil imports, ranking ninth last year.
Nigeria's Dangote oil refinery – the largest in Africa, located on the outskirts of Lagos – began processing crude in January 2024 after years of delays. The refinery is set to reach full capacity of 650,000 b/d this year, according to the EIA.
Gross U.S. exports of crude to Nigeria touched 111,000 b/d in February and 169,000 b/d in March. Imports, which were at 133,000 b/d in January, dropped to 54,000 b/d and 72,000 b/d in February and March respectively.
The decline in imports is largely due to maintenance at the Phillips 66 Bayway refinery New Jersey, per the EIA. However, imports increased later in the year as the Bayway refinery resumed normal operations in April, and Dangote underwent some unplanned maintenance.
This trend seems more a snapshot of a very fluid market, rather than a permanent realignment, according to Eli Tesfaye, senior market strategist at RJO Futures.
"The new refinery in Nigeria and some issues in securing domestic supplies played a role for those unique flows earlier this year. But going forward, with the refinery now aiming to secure domestic flows, and probably looking at other crude grades, it is difficult to forecast if the volume flowing from the U.S. to Nigeria will persist," agreed Giovanni Staunovo, an analyst at UBS.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
6 minutes ago
- Reuters
Publisher McGraw Hill raises $415 million in US IPO
July 23 (Reuters) - U.S. publisher McGraw Hill (MH.N), opens new tab, backed by investment firm Platinum Equity, said on Wednesday it had raised $414.63 million in its initial public offering in the United States. The company sold 24,390,000 shares, priced at $17 each, below its marketed range of $19 to $22. The offering valued McGraw at $3.25 billion. The IPO market is gaining momentum on the back of a rally in equities and some stellar debuts in recent months. Private equity sponsors, who have been sitting on a massive backlog of portfolio companies waiting to go public, are looking to capitalize on this window. McGraw Hill will debut on the New York Stock Exchange on Thursday, nearly 13 years after it was taken private by Apollo (APO.N), opens new tab. The private-equity giant had also attempted to re-list the company in 2015. It was then sold to Platinum Equity, which will continue to hold 84.6% of McGraw's total outstanding shares after the offering. McGraw Hill is one of the most recognized names in the publishing industry, known for its textbooks and other learning resources, with 82% of U.S. higher education institutions using its products, according to company filings. The company revealed in its IPO filing that revenue rose 7% to over $2 billion for the fiscal year ended March 31. It aims to trade on the NYSE under the ticker symbol "MH".


Reuters
36 minutes ago
- Reuters
South Korea Q2 economic growth fastest in more than a year
SEOUL, July 24 (Reuters) - South Korea's economy grew at the fastest pace in more than a year in the second quarter, beating market expectations, buoyed by rebounding consumer spending and a surge in exports driven by robust demand for technology. Gross domestic product expanded a seasonally adjusted 0.6% in the April-June period from a quarter earlier after contracting 0.2% in the preceding three months, advanced central bank estimates showed on Thursday. It was stronger than the median 0.5% increase forecast in a Reuters poll and the fastest quarterly growth since the first quarter of 2024. South Korea held a snap presidential election on June 3, after the constitutional court in early April upheld former President Yoon Suk Yeol's impeachment over his failed martial law order, ending six months of political uncertainty. By expenditure, private consumption rose 0.5% over the quarter, while construction and facility investments each fell 1.5%, according to the Bank of Korea. Exports jumped 4.2%, led by semiconductors, after falling 0.6% in the previous quarter amid U.S. tariff uncertainty. It was the strongest quarterly performance since the third quarter of 2020. U.S. President Donald Trump's 25% "reciprocal" tariffs against South Korea introduced in early April are currently paused until August 1 for trade negotiations, while some industries like autos and steel have been hit by high product-specific tariffs. On an annual basis, Asia's fourth-largest economy grew 0.5% in the second quarter, compared with no growth in the first quarter and a 0.4% expansion expected by economists.


The Independent
an hour ago
- The Independent
How does Britain's pension predicament compare with other countries
Liz Kendall announced this week that she is reviving the pension commission as the government tries to tackle what she described as a looming 'tsunami of pensioner poverty'. The work and pensions secretary said the government is setting out to 'tackle the barriers that stop too many saving in the first place' after her department found that people retiring in 2050 are on track to be poorer than those retiring today, expecting to get £800 less in private pension income. Currently, just 55 per cent of working age adults in the UK are contributing to a pension pot, and MPs have said that a UK-wide strategy is needed to address pensioner poverty. But the UK's pension dilemma is not unique. Countries across the world are grappling with similar looming crises, driven by a combination of factors including demographic shifts, low interest rates and economic instability. Here, the Independent takes a look at what action other governments are taking to stave off the impending crisis. United States In the United States, half of all private-sector workers are unable to get a retirement plan through their jobs, according to a survey published in June by Pew Charitable Trusts. The US's most common workplace retirement plan is a 401(k), which allows employees to voluntarily put money aside for retirement which is typically matched by their employers. The total employee and employer contributions to a 401(k) cannot exceed $70,000 per year. Around 27 per cent of Americans over the age of 59 have no savings to rely on in their retirement, according to a survey by financial services firm Credit Karma in 2023. Last week, the Wall Street Journal reported that the Trump administration was expected to sign an order that would open up 401(k)s to the private markets. It would order the US Labor Department and Securities and Exchange Commission to create guidance for employers on including private assets in 401(k) plans, which could, in turn, create more investment opportunities for them. Canada Currently, the key challenge for many countries remains the low rate of pension saving. More than half (59 per cent) of working Canadians do not believe they will have enough money to retire, according to a survey conducted this year by Canadian pension fund HOOPP, Healthcare of Ontario Pension Plan. However, Canada is tackling this through rate increases within their savings system. The government has expanded the Canada Pension Plan (CPP), a monthly benefit that replaces a percentage of a person's income after they retire. Between 2019 to 2025, it has increased the percentage of how much of a worker's earnings are replaced from 25 per cent to 33.33 per cent. It has also increased the maximum level of earnings protected by the CPP by 14 per cent over 2024 and 2025. Australia Australia is recognised as having one of the world's top pension schemes where employers are required to pay a percentage of their employees earnings into an account which that employee can then access once they have retired. As of this month, employers are now required to contribute 12 per cent to employees' retirement savings accounts, up from 11.5 per cent. They are also taking steps to close the gender pension pay gap with the Labor Government introducing a superannuation top up for parents taking time off to care for a newborn. The CityUK CEO Miles Celic said: 'total contributions will have to rise if we are to emulate the successes of, for example, Australia and Canada. 'This will involve difficult political choices alongside technical changes to policy and regulation.' France In 2023, French President Emmanuel Macron raised the age of retirement from 62 to 64, which sparked massive public backlash and protests. Macron's administration argued that the reform was essential to prevent long-term deficits in the pension system. At the time, Macron said he did not enjoy passing the reform but called it a necessity, saying 'the longer we wait, the more (the deficit) will deteriorate.' As well as increasing the age of retirement, France has also hiked the minimum contributory requirements by 2 per cent this year across all bands. The minimum contribution applies to retirement pensions under its Pension Insurance scheme. In Germany, the retirement age is gradually being raised from 65 to 67. Like many governments across Europe, it is trying to reduce pressure on the pension system created by aging populations. Last year, it approved pension reform and its new government has set out a series of policies that include maintaining the amount paid to retirees each month - which is 48 per cent of the average monthly salary.