African oil exports to US take deep dive on shale independence

Much has been made of how the United States’ new energy independence — gained through aggressive shade oil exploration — has hurt Saudi Arabian, Canadian, Mexican and Russian producers. But African exporters of the black gold have also been taking it on the chin, according to PIERS, a sister product of within IHS Maritime and Trade.

Click to enlarge

U.S. imports of African crude oil in April plunged 45 percent year-over-year to 397,263 metric tons. African crude exports have been falling through 2014, with shipments for the full year down 48 percent from 2013 to 6.1 million metric tons.

Nigeria and Angola has experienced the steepest declines in crude exports to the U.S., with each seeing shipments fall 68 percent between 2013 and 2014. The only African country to boost its U.S. crude exports was Cameroon, which shipped 89 percent more volume in 2014 than in 2013.

Nigeria, Angola and Algeria are the African members of the Organization of the Petroleum Exporting Countries. Despite the decline in oil prices, Saudi Arabia, OPEC’s biggest producer, has continued to pump out oil in an attempt to squeeze U.S. producers, which have higher operating costs to extract the fuel. Other OPEC members, including Venezuela and Ecuador, have been caught in the crossfire.