The United Arab Emirates knocked Nigeria into the fourth position on the rank of oil countries exporting crude oil to India, industry sources told Reuters.
According to the report, the Asian state — which was Nigeria’s key customer in 2017, saw its oil demand reach a three year low in the month under review.
The reason for the decline is blamed on refinery shutdowns and slowing oil demand.
“Lower imports were largely due to refinery turnarounds as refiners have to supply Euro VI fuels in the country from an April 1 deadline.
“Heavy rains and slower industrial and construction work drain down the demand for refined fuels,” an analyst with Refinitiv, Ehsan Ul Haq, said.
Based on data found in the report, India imported a daily average of 3.02m barrels.
This is the first time the state of over one billion persons is importing less than 4m barrels of oil daily since 2016.
The data showed in the publication indicates that September’s imports are 18.7 per cent lower than in August and down 8.4 per cent from the same period last year.
“Due to weakening fuel demand there was an inventory build-up of refined products, so we had to cut crude processing and restrict imports,” an official at one of the refining facilities explained.
Despite the attacks on its oil facilities, Saudi Arabia was the largest petroleum exporter to Asia’s third largest economy.
Iraq was pushed to second place by the more powerful oil broker.
Angola was fifth behind Nigeria.
Nigeria’s GDP Grows By 2.28% In Third Quater Of 2019
Data made available by the National Bureau of Statistics (NBS) shows that Nigeria’s gross domestic product (GDP) grew by 2.28% in the third quarter of 2019.
This is 0.17% percentage points higher than the 2.12% revised GDP growth recorded in the second quarter.
The GDP report which was released on Friday shows that the average daily oil production in the quarter was 2.04 million barrels per day (mbpd).
According to the NBS, the growth rate in Q3 of 2019 represents the second-highest quarterly rate recorded since 2016.
The non-oil sector grew by 1.85% during the third quarter. The sector was driven mainly by the Information and Communication sector. Other drivers were agriculture, mining and quarrying, transportation and storage, and manufacturing. In real terms, the non-oil sector contributed 90.23% to the nation’s GDP.
The mining and quarrying sector grew by 5.98% in Q3 2019. Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03%, followed by coal at 43.68%.
The agricultural sector grew by 14.88% in Q3 2019, showing a decline of –3.44% points from the same quarter of 2018.
The manufacturing sector in the third quarter of 2019 was recorded at 39.69%
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