India’s monthly oil imports from Nigeria has declined by about 34% to about 279,000 barrels per day, data showed.

India imported less Nigerian oil in August as the west African nation’s output was hit by outages in a couple of major streams such as Bonny Light. Also, Asian buyers opted to take light sweet U.S. oil rather than Nigerian crude. Meanwhile, oil reportedly steadied yesterday a condition that was prompted by looming US sanctions against Iran’s petroleum industry.

But prices were capped by signs that increased supplies by other major producers, including the United States and Saudi Arabia, could make up for the disruptions from Iran. The US West Texas Intermediate (WTI) crude futures were at $67.61 per barrel up 7 cents from their last settlement, while the Brent crude futures climbed 11 cents to $77.48 a barrel.

Source: Leadership