WHILE the consumption of petroleum-based products in the United States (U.S.) is flat, Nigeria's ranking on the international oil supply chart to the U.S. has grown.
A monthly data on the origins of crude oil imports into the U.S., based on February 2010 figures, which is the most recent estimate available to the U.S. government, shows that Nigeria is the fourth top oil supplier of the U.S., now ahead of Saudi Arabia, by the end of February this year.
According to the Energy Information Administration (EIA), Nigeria is among the top five oil suppliers to the U.S. and "the top five exporting countries accounted for 64 per cent of United States crude oil imports in February while the top 10 sources accounted for approximately 85 per cent of all U.S. crude oil imports."
The EIA listed the top five sources of U.S. crude oil imports for February as Canada with 1.897 million barrels per day (mbpd) to the U.S.; Mexico (0.996 mbpd), Venezuela (0.913 mbpd), Nigeria (0.896 mbpd), and Saudi Arabia (0.881 mbpd)..
EIA added that "the rest of the top 10 sources, in order, were Iraq (0.540 mbpd), Colombia (0.371) mbpd), Angola (0.312 mbpd), Algeria (0.282 mbpd), and United Kingdom (0.260 mbpd).
Altogether, the total crude oil imports to the U.S. averaged 8.680 mbpd in February, which is an increase of 0.226 mbpd from January 2010.
According to the EIA, Canada remained the largest exporter of total petroleum in February, exporting 2.490 mbpd to the U.S., which is a decrease from last month's (2.593 mbpd). The second largest exporter of total petroleum was Mexico with 1.134 mbpd.
But in the EIA Annual Energy Outlook, the EIA disclosed that "although U.S. consumption of liquid fuels continues to grow over the next 25 years...reliance on petroleum imports decreases."
The Outlook added that with U.S. government policies and rising oil prices providing incentives for the continued development and use of alternatives to fossil fuels, "bio fuels account for all the growth in liquid fuel consumption in the United States over the next 25 years, while consumption of petroleum-based liquids is essentially flat."
EIA outlook stated further that the role played by petroleum-based liquids could be further challenged "if electric or natural-gas-fueled vehicles begin to enter the market in significant numbers."
Now in the U.S., the Outlook said that rising oil prices, together with growing concerns about climate change and energy security, were leading to increased interest in alternative-fuel vehicles (AFVs), but both electric and natural gas vehicles face significant challenges with the potential for petroleum displacement.
