U.S explains why they stopped buying NIgeria's crude oil
Mon Jul 04, 2016 11:33:am Business
2.8K By sosa hills
The Outgoing Ambassador of the United States of America (USA) to Nigeria, Mr. James Entwistle, has said that his country stopped buying oil from Nigeria because it was getting the product at cheaper prices from other sources.
He ruled out any hidden agenda in the US decision not to import crude from Nigeria.
Entwistle told journalists on Saturday night at the event to mark the 240th Anniversary of the US' Declaration of Independence that there was "no conspiracy" against Nigeria in his country's action.
The envoy explained that the price of oil is determined by the international market, stressing that the desire of every businessman is to get the best product at the best price.
"There is no conspiracy for the U.S. not to buy oil from Nigeria.
"Price of oil is determined by international market and business people go to get the best product for the best price. That something happened to us with oil.
"But I wish you listened to my last statement where I talked about the importance of the private sector, the commitment of the U.S. companies to help build this country (Nigeria)," he said.
The News Agency of Nigeria (NAN) reports that the U.S. had in 2014 stopped the importation of crude oil from Nigeria, a development that was tied to the discovery of Shale oil and gas in commercial quantity in the country.
The Minister of State for Petroleum, Ibe Kachikwu, recently said the U.S. would soon resume the importation of crude oil from Nigeria.
He ruled out any hidden agenda in the US decision not to import crude from Nigeria.
Entwistle told journalists on Saturday night at the event to mark the 240th Anniversary of the US' Declaration of Independence that there was "no conspiracy" against Nigeria in his country's action.
The envoy explained that the price of oil is determined by the international market, stressing that the desire of every businessman is to get the best product at the best price.
"There is no conspiracy for the U.S. not to buy oil from Nigeria.
"Price of oil is determined by international market and business people go to get the best product for the best price. That something happened to us with oil.
"But I wish you listened to my last statement where I talked about the importance of the private sector, the commitment of the U.S. companies to help build this country (Nigeria)," he said.
The News Agency of Nigeria (NAN) reports that the U.S. had in 2014 stopped the importation of crude oil from Nigeria, a development that was tied to the discovery of Shale oil and gas in commercial quantity in the country.
The Minister of State for Petroleum, Ibe Kachikwu, recently said the U.S. would soon resume the importation of crude oil from Nigeria.
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