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

Popular Musician Feyisayo Mojisola Oyetade Dies On Child Naming Ceremony Day

A popular hip-hop singer has died on the naming day of her 8-day-old baby boy. The singer, Feyisayo Mojisola Oyetade, who is a popular singer in ... Full story

Husband Snatching Mess: Femi Anibaba's Wife Tells Ronke Odusanya She Can Have Her Husband

Folape Sokoya, wife of Femi Anibaba, the man Ronke Odusanya was accused to have snatched, has finally spoken on the issue and has also wished ...

Boko Haram divided over peace talks with the Federal Government

Following the ceasefire deal the Federal Government entered into with Boko Haram, the violent fundamentalist sect has split into two. While one faction wants peace, ...

Dilish Mattews - The Truth About My Affair With Edo State Governor

Pretty and sexy Dillish Mathews, became famous when she made it to the top and announced the winner of the 2013 edition of Big Brother ...

Stephen Keshi expected in Ethiopia for contract talks

Former Super Eagles coach, Stephen Keshi, is expected in Ethiopia this week to finalise discussions with the country’s FA on the vacant national team job, ...

Boko Haram captures another town in Borno State

Suspected members of the terrorist sect, Boko Haram, have captured another Borno town, Abadam, after laying a massive siege to it. It was gathered from security ...

Over 3,000 Students Fail Bar Exam At Nigerian Law School

Apparently there was mass failure at the Nigerian Law School this year. The Nigerian Law School recently released the 2013/2014 August result, and it was ... Full story

Boko Haram Militants To Release 218 Chibok Girls Monday

There are strong indications that the 218 schoolgirls abducted six months ago in Chibok, Borno State, by the violent Boko Haram sect may be released ... Full story

Ella Matins - After Dating a President, I Can’t Date an Ordinary Man

Top Beninoise musician and actress, Ella Matins, has revealed that her embarrassing moment in life was when she performed alongside DJ Arafat and during the ... Full story

Boko Haram’s Danladi Ahmadu Negotiates Cease-Fire

Islamist militant group Boko Haram is in talks with the federal government to release more than 200 girls abducted six months ago and negotiate a ...

Nigerian man in Malaysia jumps to his death trying to escape from police

A Nigerian man named Osazuwa allegedly jumped to his death from a 15-storey building on Monday October 13th as police stormed a place he was ...

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

Rate this article

0

Featured author

Paula Obiewkwe

Breaking News

Tiwa Savage Removes Wedding Ring

It has been observed by Nigeriafilms.com from a latest picture of Tiwa Savage posted by the singer on one of her social media pages that ...

Pictures Of What Dudes Rocked To 2014 Nollywood Movies Awards

Movie practitioners in Nigeria gathered once again to celebrate the best among best at the 3rd annual Nollywood Movies Awards (NMA). The glamorous and colourful ...

Questionable Dress Styles At Genevieve Pinkball Foundation Event [Pictures]

‘The way you are dressed is how you will be addressed’, so says a popular saying and for this reason, in trying to imitate fashion ...

Nigeria Declared Ebola Free By WHO

Following a 42-day period without any new cases of Ebola in Nigeria, the World Health Organisation (WHO) has declared the country Ebola free.Nigeria first recorded ...

Desperation Is The Cause Of Marriage Failures In Nollywood—Fidelis Duker

Ace Nigerian filmmaker, Fidelis Duker, has said one of the reasons marriages of entertainers don’t last is the inability to do thorough research on the ...

Airtel Frustrates Cossy Orjiakor

One of the telecoms operators in Nigeria, Airtel, seems to be having a serious issue with controversial Nigerian entertainer, Cossy Orjiakor, who is well known ...

Ngozi Ezeonu Throws Superlative Ceremony For Mum’s Burial [Pictures]

Last Friday, popular Nollywood actress, Ngozi Ezeonu gave her late mother a befitting burial in Anambra State. The event was attended by several associates of ...

Ann Njemanze New Glowing Look

Ann Njemanze, the Nollywood star who also plays the role of Inspector Sankey, a very annoying but insistent sleuth on M-Net’s popular soap, Tinsel now ...

How JJC Romantic Affair With Stylist-Turned Lover Crashed

He started out as a music producer, but when it was time to kick off his career as a rapper, Abudulrasheed Bello chose to be ...

I was not sacked - Keshi fumes

Former Super Eagles coach, Stephen Keshi lambasted the media and NFF, stating that he was not sacked as the head coach of the Super Eagles ...