No hidden agenda to ban on Nigeria’s crude oil — Envoy
Following an earlier report by Business Times on how the United States of America cut off ties with Nigeria in terms of buying its crude oil, the U.S. Ambassador to Nigeria, James Entwistle, has said there was no hidden agenda behind the decision.
While answering questions from journalists during the U.S 240th Anniversary in Abuja on Monday, Entwistle said the decision was informed by the trends in the international market, and that his country targets getting 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 the international market and business people go to get the best product for the best price,” he said.
Explaining further he said, the United States is committed to growing the Nigerian economy.
“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 U.S which had been the largest buyer of Nigeria’s crude, stopped importation from Nigeria in June 2014 following the discovery of shale oil and gas which was close in grade to Nigeria’s light crude.
However, in September 2015, President of Washington Global Water and Energy Strategy Team, GWEST, Paul Wihbey, predicted a re-bonding of oil trade between the U.S and Nigeria, especially since President Muhammed Buhari came into office.
Earlier in the year, reports of Nigeria’s oil cargoes heading to the U.S trickled in, raising hope that trade bond between the two countries have been strengthened again.
But, with the crash in oil price globally, things took a new turn as countries now seek a cut down in budget expenditure.
