US Cuts Nigerian Crude Imports by 47% Despite Increased Production – THIS

By Ayo Kehinde

The United States sharply reduced imports of Nigerian crude oil in January 2026, cutting purchases by about 47.16% month-on-month, according to the latest data from the US Census Bureau and the US Bureau of Economic Analysis.

Data from the US Report on International Trade in Goods and Services shows Nigeria’s crude oil imports fell to 1.664 million barrels in January, down from 3.149 million barrels in December 2025.

This marks a decline of 1.485 million barrels in a single month, underscoring a significant contraction in Nigeria’s share of the US crude market.

In monetary terms the decline was equally pronounced. The customs value of crude oil imports from Nigeria fell from $217.36 million in December to $115.99 million in January.

Likewise, the cost, insurance and transportation (CIF) value decreased from $223.10 million to $118.95 million in the same period.

The gap between customs value and CIF reflects additional costs such as shipping and insurance.

In January, the CIF value exceeded the customs value by $2.96 million, compared to a larger difference of $5.74 million recorded in December.

In Africa, Nigeria has lost ground to competing suppliers.

While total African crude exports to the United States remained unchanged at 6.933 million barrels, Angola recorded a sharp increase, with shipments rising from 575,000 barrels in December to 2.062 million barrels in January.

Ghana also entered the market as a new supplier, exporting 738,000 barrels after recording unmeasurable shipments in December.

The decline in US imports came despite an increase in Nigeria’s crude oil production.

Production increased to 1.64 million barrels per day in January, up from 1.55 million barrels per day in December 2025, an increase of 0.09 million barrels per day, or about 5.8%.

The contraction also occurred despite a marginal increase in profit after tax, highlighting a disconnect between rising domestic production and weakening demand from a key export market.

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