# US oil hurts Nigeria, OPEC in Europe – NMPC

> US crude producers are flooding Europe with record volumes, with about 550,000 bpd expected to flow there in April. The share of US exports going to Europe has risen to roughly 12 percent this year from 7 percent in 2017, pressuring Russian and Nigerian grades. US output is expected to reach 10.7 million bpd this year.

- Date: 2018-04-24 · published 2018-04-24T12:00:00.000Z
- Category: trade · region US · magnitude low
- Page: https://feedsoft.ai/events/65672-us-oil-hurts-nigeria-opec-in-europe-nmpc
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Surging US crude exports shift global trade flows and pressure competing grades, which can soften prices for those barrels. Feed buyers see only indirect effects through energy and freight costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-10-31 | [Oil approaches 2-year highs but US export increase looms crude exports \| The National](https://feedsoft.ai/events/68150-oil-approaches-2-year-highs-but-us-export-increase-looms-crude-exports-the.md) | +5.9% | +7.1% |
| WTI | 2019-05-23 | [Oil plunges as US-China trade dispute heats up, Iran tension cools](https://feedsoft.ai/events/7395-oil-plunges-as-us-china-trade-dispute-heats-up-iran-tension-cools.md) | -4.2% | -12.5% |
| WTI | 2019-05-23 | [Oil plummets, on track for biggest weekly drop in 2019](https://feedsoft.ai/events/6604-oil-plummets-on-track-for-biggest-weekly-drop-in-2019.md) | -4.2% | -12.5% |
| WTI | 2017-01-04 | [Oil: Top OPEC members put 'pedal to the metal' ahead of output cuts](https://feedsoft.ai/events/72915-oil-top-opec-members-put-pedal-to-the-metal-ahead-of-output-cuts.md) | -2.9% | +2.9% |
| WTI | 2019-05-27 | [Oil under pressure from U.S.-China trade war, but OPEC cuts provide support, ETAuto](https://feedsoft.ai/events/59237-oil-under-pressure-from-u-s-china-trade-war-but-opec-cuts-provide-support-etauto.md) | -8.5% | -1.9% |
| BRENT | 2017-10-31 | [Oil approaches 2-year highs but US export increase looms crude exports \| The National](https://feedsoft.ai/events/68150-oil-approaches-2-year-highs-but-us-export-increase-looms-crude-exports-the.md) | +5.8% | +4.6% |
| BRENT | 2019-05-27 | [Oil under pressure from U.S.-China trade war, but OPEC cuts provide support, ETAuto](https://feedsoft.ai/events/59237-oil-under-pressure-from-u-s-china-trade-war-but-opec-cuts-provide-support-etauto.md) | -9.0% | -4.9% |
| BRENT | 2018-01-30 | [Rising US oil exports, market disruption, Brent-WTI spread \| Wood Mackenzie](https://feedsoft.ai/events/67156-rising-us-oil-exports-market-disruption-brent-wti-spread-wood-mackenzie.md) | -1.9% | -1.7% |

## Sources

- nmpc.org.uk: https://www.nmpc.org.uk/2018/04/24/us-oil-hurts-nigeria-opec-in-europe/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.