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LequteMan
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Minister of State for Petroleum Resources and NNPC GMD, Emmanuel Ibe Kachikwu, has restated that the United States is interested in purchasing Nigerian crude oil.
“Post the President’s visit, there has been an overture from them to say they want to buy limited quantity of Nigerian oil to support the market. We are still ongoing on that,” he said.
“The fact of U.S. being back into the sales market obviously what you find is that the volume of export U.S. intends to do is very minimal for a lot of internal consumption.
“And strategically they are still reaching out to buy certain barrels and, in fact, they are hoping to buy a couple of Nigerian barrels. So the strategic reserve is key for them to make a very strong strategic reserve. They have also produced more than they have never done in their history now .
“From the financial point of view they sometimes sell and still buy, and they do that with gold, they do that with cotton, they do it with a lot of commodities. The whole idea is that if oil prices are cheaper, they buy, and use that to fill their reserves.”
He spoke while inspecting the Kaduna refinery recently according to The Nation.
“Post the President’s visit, there has been an overture from them to say they want to buy limited quantity of Nigerian oil to support the market. We are still ongoing on that,” he said.
“The fact of U.S. being back into the sales market obviously what you find is that the volume of export U.S. intends to do is very minimal for a lot of internal consumption.
“And strategically they are still reaching out to buy certain barrels and, in fact, they are hoping to buy a couple of Nigerian barrels. So the strategic reserve is key for them to make a very strong strategic reserve. They have also produced more than they have never done in their history now .
“From the financial point of view they sometimes sell and still buy, and they do that with gold, they do that with cotton, they do it with a lot of commodities. The whole idea is that if oil prices are cheaper, they buy, and use that to fill their reserves.”
He spoke while inspecting the Kaduna refinery recently according to The Nation.
