Nigeria to gain from tighter US sanction on Iran

// News | General | Nigeria to gain from tighter US sanction on Iran
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font
Map of Nigeria

Map of Nigeria
| credits: File copy

Experts in the oil and gas industry have said the increased Western sanction on Iran could be an advantage to Nigeria in terms of increased crude oil sales.

They said this in reaction to Iran’s threat to stop exporting oil if the United States and other western nations imposed tougher sanctions on it.

Reuters recently reported that the Iranian Oil Minister, Rostam Qasemi, told journalists in Dubai, that the country would stop oil exports if pressure from Western sanctions got any tighter and that it had a “Plan B” contingency strategy to survive without oil revenues.

An oil and gas consultant and Chairman, International Energy Services, Dr. Oladiran Fawibe, told SUNDAY PUNCH that Iran stopping oil export would be a clear advantage to Nigeria.

 “The sanctions have already resulted in the restriction of Iranian oil in the global market. So, if Iran stops exporting oil completely, that would mean that the countries that are still patronising it for now would have to look to other oil producing countries to meet their energy needs. That means that the shortfall will be shared amongst the other countries that export oil, which includes Nigeria,” he said.

Fawibe added that the quality of the oil would also determine which countries would benefit most if Iran stopped oil export.

“It’s also necessary to note that the Iranian oil is sour crude, it is not as light as Nigerian crude. So, for those countries that have been buying from Iran, Nigerian crude would be more expensive for them but it would help them meet their energy needs. So, on a general note, if Iran stops exporting oil, it would be a positive development for Nigeria,” he said.    

Similarly, another oil and gas expert, Dayo Adesina, said if Iran stops selling oil, Nigeria would have the opportunity to sell more oil to the Asian market.

Adesina, who is the Managing Director of Strategic Energy Limited, told our correspondent that the development would boost Nigeria’s oil sales. 

“It would be an advantage to Nigeria because that would mean that supply would become tighter and Nigeria would have the opportunity to sell more oil. We have been selling largely to the United States and since the American market is going low, this could be an opportunity for Nigeria to supply more to the Asian market,” he said.

Tagged : No tags for this article

Headlines Newsview all

Zambian labour minister accuses Dangote Cement of bribery

A row is brewing between Zambia and Dangote Cement, a major employer in Africa’s second largest copper producer, after a government minister accused an executive ... Full story

Sixty-seven South Africans died in Synagogue building collapse

Sixty-seven South Africans died in the building collapse that occurred at the Synagogue Church of All Nations in Nigeria, President Jacob Zuma said in a ... Full story

Asari Dokubo: Obasanjo connived with Davies to embarrass Jonathan

In what could apparently be considered a daring move, leader of Niger-Delta Peoples Volunteer Force, NDPVF, Alhaji Dokubo-Asari yesterday exploded, saying that former President Olusegun ...

Synagogue Building Collapse: 45 year old woman walks out of rubbles after being trapped for three days

A woman of about 45 years old walked out of the rubble unaided around 2 a.m. on Tuesday as rescue efforts continued at the site ...

Anita Oyakilome Threatens Her Husband

Following the big breakup of Christ Embassy’s general overseer, Pastor Chris Oyakilome and wife Anita, it seems there is no going back for the once ... Full story

T.B. Joshua says Boko Haram may be responsible for the collapse of the Synagogue building

The founder and General overseer of the Synagogue Church of All Nations, Prophet T. B. Joshua has said Boko Haram may be responsible for the ...

Wole Soyinka - Jonathan knows about Boko Haram financier in CBN

The controversy over alleged sponsors of Boko Haram took a twist yesterday when Nobel Laureate Wole Soyinka said information about a suspected financier of the ...

TB Joshua Claims He Was The Target Of Attack In Church Building That Collapsed

Head of The Synagogue Church of All Nations, Prophet T B Joshua, yesterday declared that the collapse of a section of the church complex, which ...

Nigerian Hackers Rob Bank Of N6.3billion

Nigeria’s Economic and Financial Crimes Commission is on the trail of a group of computer hackers, who have stolen N6.28billion, about $40million, from a new ... Full story

Gunmen Kill Rivers State Governor Amaechi’s Uncle

The people of Ubima in Ikwerre Local Government Area of Rivers State have been thrown into mourning following the murder of Mr. Sabinus Odu, an ...

South African Woman With Ebola Arrested At Murtala Mohammed International Airport

Confusion At Murtala Mohammed International Airport In Ikeja Lagos Over Ebola A woman from South Africa has been arrested by Officials of Lagos State Health Ministry ... Full story

Comment on: Nigeria to gain from tighter US sanction on Iran

Rate this article

0

Breaking News

May your enemies see double trouble- Peter of P-square prays for fans

Peter Okoye of the P-square music fame, popularly known as the 'Rude boy' seemed to be a very prayerful mood this morning.The Anambra State born ...

"Just As Good Men Are Hard To find, “Manageable” Ladies Are Unicorns- Alibaba

Popular comedian Ali Baba is known for always writing down his opinion on issues that has to do with life as a whole. Recently the ...

Stephanies Hosts Miss Global Winners’ Party For 5th Anniversary…Humility, Kenny St. Brown For Honour

Stephanies Hosts Miss Global Winners’ Party For 5th Anniversary…Humility, Kenny St. Brown For HonourThe proposed 5th anniversary celebration of the high flying Bar and Lounge, ...

I Can't Do Without Women- Seyi Law Comedian

Award-winning stand-up comedian Oluwaseyitan Aletile aka Seyi Law is enjoying marital bliss without batting an eyelid.The talented comic act got hooked to his heartthrob through ...

Nollywood Actor, Desmond Elliot Veers Into Politics

If the saying, “man by nature is a political animal” is correct, then it is the duty of every citizen according to his best capacities ...

Monalisa Chinda, Ex-Husband Back Reconciles?

Few years ago, when the news of the break up between Monalisa Chinda and her husband Dejo Richards spread like wild fire, many thought the ...

Korede Bello Grabs Another Award

Fast-rising singer, Korede Bello last weekend walked away with an award at the PNA 2014, which was held at Sheraton Hotel, Lagos Nigeria.Korede Bello, who ...

Top Model, Doyin Haastrup Gets Baby Boy

Top model, Doyin Haastrup Olatokunbo is presently one of the happiest women in the world. The respected lady has welcomed a bundle of joy into ...

Osas Ighodaro Shows Off Sexy Shape In Swim Wear

Tinsel star, Osas Ighodaro, is leaving no stone unturned as she aims to remain relevant in the showbiz industry. She is taking every opportunity to ...

People are Flattering Me About My Looks……….Omawunmi

Singer Omawunmi who recently got engaged, is however looking radiant as the day goes by.The singer who has been admired and adored by many, is ...