Nigeria Pipeline Oil has been truly black gold for countries such as Nigeria and Angola—Africa’s top oil exporters. It has sustained their economies, accounting for over 90 percent of exports and significant portions of GDP. Yet now this treasure trove has turned into a real headache, largely because of the shale oil and gas boom in the U.S., and of course, the global oil price rout. Before the shale revolution, Nigeria was exporting around a million barrels daily to the U.S., peaking at 1.3 million bpd in 2006. In July 2014, no Nigerian oil entered the U.S. and the average daily for the year was 58,000 bpd – a minuscule amount compared with the 983,000 bpd from 2010, according to figures from EIA. Last year, Nigerian oil exports to the U.S. averaged 57,000 bpd. For Angola, the decrease was a bit more moderate, from 383,000 bpd in 2010 to […]