According to news of the Nigerian media on the 24th, US oil exporters have exported large quantities of crude oil to Europe and have destroyed the efforts made by OPEC members to stabilize oil prices. Nigeria’s oil exports have also been affected. Russia reached oil production cuts with OPEC last year to stabilize oil prices, and now Russia’s oil exports are also affected by the United States.
Thomson Reuters data showed that in April the United States exported 550,000 barrels (about 2.2 million tons) of crude oil to Europe. In 2017, US crude oil accounted for only 7% of European crude oil imports, but this proportion has now risen to 12%. At the same time, it is expected that the United States will achieve 10.7 million barrels of oil per day this year and will continue to occupy OPEC and Russia’s market share in Europe.
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