NIGERIA has started to witness the negative effect of shale oil exploration in the United Stated of America, USA, and other parts of the world, as Nigeria’s crude oil export to North America dropped by 91.31 per cent in one year. Specifically, data obtained from the Nigerian National Petroleum Corporation’s, December 2013 Petroleum Information, disclosed that Nigeria exported 1.438 million barrels of crude oil to North America as at December 2013, down by 15.111 million barrels in December 2012. North America accounted for 22.19 per cent of Nigeria’s total crude export by December 2012, but it dropped to 2.23 per cent by December 2013. Prior to the decline, the US was the highest buyer of Nigeria’s crude, purchasing 14.279 million barrels in December 2012, thereby, accounting for 19.15 per cent of Nigeria’s total crude export and 86.28 per cent of total crude export to North America. By 2013 end, […]