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

SAD: Albinos In East Africa Are Hunted For Their Body Parts For Rituals

The albinos who are born in East Africa are becoming more and more of an endangered specie as they are been hunted for their skin ... Full story

Outgoing Benue Governor, Donates 8 SUVs To Incoming Governor

The outgoing governor of Benue State, Gabriel Suswam, on Thursday donated eight new Toyota Prado Sports Utility Vehicles to the state governor-elect, Samuel Ortom, his ... Full story

Xenophobia Attacks: Gani Adams, Visits South Africa

The National Coordinator of the Oodua Peoples Congress, Gani Adams, on Thursday visited the Nigerian Embassy in South Africa in support of Nigerians affected by ... Full story

Ten Policemen Detained By Army For Refusing To Wear Uniforms

Ten counter-terrorism police officers attached to the Nigeria army peacekeeping forward operation base in Abuja are currently unlawfully detained at a military barrack in Gwagwalada, ... Full story

Nigerian Troops Get Mandate To Catch Boko Haram Leader Abubakar Shekau Alive

Troops have got another mandate to catch Boko Haram leader Abubakar Shekau alive. Shekau is believed to have relocated from his bunker before the troops reclaimed ...

Lagos State Governor Babatunde Fashola, Named As One Of Seven Outstanding Personalities Worldwide

A global conflict prevention organisation, International Crisis Group, has named the Governor of Lagos State, Babatunde Fashola, as one of seven outstanding personalities worldwide, to ...

Bose Oladimeji: Impecunious Men Have No Place In My Heart

Bose Oladimeji is beginning to get all the attention in the Yoruba film industry, for both her talent and good looks. But Bose, from Kwara ... Full story

Xenophobia: Federal GovernmentTo File Criminal Case Against Zulu King At ICC

The Senate, yesterday, urged President Goodluck Jonathan to recall Nigeria’s High Commissioner to South Africa, following the wave of xenophobic attacks against Nigerians and other ... Full story

EFCC Chase Modu Sheriff Over N300 billion Borno Funds

A former governor of Borno State, Ali Modu Sheriff, is expected to appear before anti-graft agency, the Economic and Financial Crimes Commission. PREMIUM TIMES learnt Tuesday ... Full story

Abia State Voters Threatened With Coffins

Ahead of Saturday's election , residents o f Abia state are been threatened by unknown persons who dropped a coffin somewhere around the town. See photo ... Full story

Nigerian Man In Dubai Beats Son To Death For Not Studying

A Nigerian father has been accused of beating up his 12-year-old son who later died in a hospital in Dubai. The father, who is in his ... Full story

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

Rate this article

0

Breaking News

Nigeria Football Federation,Nike Sign Deal

Nike and the Nigeria Football Federation (NFF) announced a new partnership for designing and developing football kits for the country’s men’s and women’s national football ... Full story

Ini Edo’s Movie Night With Fans And Autograph Signing Session

Ini Edo marked her birthday with a movie night with fans,featuring an autograph signing session and screening of her movie,”While you slept”.It took place this ... Full story

NNPC Wants Fuel Subsidy Scrapped

The Nigerian National Petroleum Corporation (NNPC) on Thursday made a strong case for the complete removal of subsidy from the petroleum products pricing template by ... Full story

Champions League S/Final Draw: Barcelona versus Bayern Munich, Real Madrid against Juventus

Barcelona have been paired with Bayern Munich during Friday's Champions League semi-final draw in Nyon, while Real Madrid will have to deal with Juventus in ...

Death at childbirth: Family opts out of autopsy

Late Dolapo Adesanya After weeks of accusations and counter accusation over the death of 36-year old Mrs. Dolapo Adesanya at the EKO Hospital, Ikeja, the controversy ...

Piracy: Babatunde Fashola Meets Tunde Kelani, Yemi Shodimu Others (Pictures)

The Nigerian entertainment industry is crying out for the immediate end to the piracy that is eating deep into the pockets of movie producers and ...

Andre Blaze Blast Arik Air For 'Dirt Treatment'

More and more Nigerians are expressing their sad experience at the Nation's airports and officials as popular media personality, Andre Blaze has narrated his experience ...

Oronto Douglas to be Buried in Bayelsa | May 2 [PROGRAMME]

According to a report by The Trent, funeral rites for the late Oronto Natei Douglas, former Senior Special Adviser to the President on Research, Documentation, ...

PHOTO OF THE DAY: Quadriple Rainbow

After the New York area received a large amount of rain, four rainbows stretched across the early morning sky on Tuesday. Amanda Curtis, CEO of a ...

FAAN Grounds Arik Air over N1.2bn Debt

Following the N1.2 billion debt owed the Federal Airports Authority of Nigeria (FAAN) by Arik Air, the Association of Air Transport Association of Nigeria (ATTSAN) ...