US Drastically Reduces Crude Oil Purchases from Nigeria in January 2026
Recent data from the US Census Bureau and the US Bureau of Economic Analysis indicates a sharp decline in American imports of Nigerian crude oil for January 2026. The figures show that the United States imported only 1.664 million barrels from Nigeria during that month, a significant drop from 3.149 million barrels in December 2025.
Significant Decline in Volume and Value
This reduction represents a 47.16% month-on-month decline, equating to a loss of 1.485 million barrels within a single month. In monetary terms, the customs value of these imports fell from $217.36 million in December to $115.99 million in January. Similarly, the cost, insurance, and freight (CIF) value decreased to $118.95 million from $223.10 million.
Nigeria's Diminished Market Share in the US
As a result of this downturn, Nigeria's share of total US crude imports weakened considerably, dropping to 0.88% in January from 1.59% in the previous month. This occurred amid a broader 5.1% slowdown in US crude imports, which totaled 188.21 million barrels. However, the more pronounced decline in Nigerian volumes suggests heightened competition and evolving sourcing strategies by American buyers.
Rise of Other African Producers
While Nigeria faced setbacks, other African nations capitalized on the shifting market dynamics. Angola emerged as a major beneficiary, with its exports to the US surging to 2.062 million barrels in January, up sharply from 575,000 barrels in December. Ghana also entered the US market with 738,000 barrels, whereas Libya experienced a decline, exporting 1.086 million barrels compared to 2.137 million barrels previously.
Trade Dynamics and Broader Implications
Despite the reduction, crude oil remains Nigeria's primary export to the United States, accounting for approximately 63% to 65% of total US imports from the country in January. Overall US imports from Nigeria fell to $183 million from $297 million in December. Concurrently, the United States recorded a goods trade surplus with Nigeria of $419 million, a substantial increase from $84 million in December, as US exports to Nigeria rose to $602 million.
On a continental scale, the US posted a trade deficit of $503 million with Africa in January, reversing a surplus from the previous month. It is important to note that Nigeria continues to be a key supplier of crude oil to the United States. In 2025, Nigeria accounted for about 52% of US crude imports from Africa, supplying 46.618 million barrels out of the continent's total of 89.371 million barrels.
Context of Global Oil Market Volatility
This development unfolds against a backdrop of global oil market volatility. Earlier reports indicated that crude oil prices surged above $110 per barrel due to renewed attacks on key energy infrastructure in the Middle East, raising concerns about potential supply disruptions. Brent crude reached as high as $114 per barrel in early trading, while European gas prices climbed to their highest levels since the onset of regional conflicts.
US President Donald Trump issued warnings that the United States would escalate its response if Iran continued attacks on critical energy assets in the region, further influencing market sentiments and trade flows.
