Nigeria working to counter U.S. oil gains

June 26, 2013 at 6:44 AM   |   Comments

ABUJA, Nigeria, June 26 (UPI) -- The Nigerian government is working to offset fears U.S. oil production gains will harm an export-driven economy, a presidential adviser said.

The U.S. Energy Department's Energy Information Administration said advances in extraction technology will push oil production to more than 7 million barrels per day by the end of the decade. That means fewer imports from oil-rich countries like Nigeria, a member of the Organization of Petroleum Exporting Countries.

Nigerian presidential adviser Doyin Okupe said U.S. oil production gains are unlikely to have a major impact on domestic crude oil production.

"In both the short- and medium-term, a combination of market openings in Europe and Asia will effectively compensate the loss of U.S. market and offer needed support for Nigerian crude oil exports," he was quoted by The (Lagos) Guardian newspaper as saying Tuesday.

Okupe said the Nigerian government was adding diversity to an economy dependent on oil revenue. Oil exports comprise 69 percent of overall exports for 2013, compared to 91 percent in 2008.

The adviser said Nigerian crude oil production stands at 2.06 million barrels per day.

The EIA said imports of Nigerian crude oil into the U.S. market have declined to their lowest level since 1985.

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