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.
Headlines Newsview all
The National Association of Nigeria Students,NANS, zone B, yesterday threatened to shutdown all tertiary institutions in the zone, comprising 11 states today in protest against ... Full story
The Ijaw Youths Congress, IYC, has warned the Federal Government against its plan to arrest former President Goodluck Jonathan over the ongoing probe of massive ... Full story
By Emma Amaize, Soni Daniel, Clara Nwachukwu, Emman Ovuakporie, Michael Eboh, Johnbosco Agbakwuru, Egufe Yafugborhi, Brisibe Perez and Akpokona Omafuaire The nation's crude oil fortunes took ... Full story
Rate this article
- Man Regrets : I Left My Wife For A S3xy Hot Lady And Now I Am Living Like A Prisoner In My Own House
- Nigerian Beauty Queen Involved In Serious Motor Accident
- 5 Dangerous S3x Positions Nigerian Women Hate (Photos)
Face of Idoma carnival, Queen Ashley Yusuf was involved in a terrific motor accident along deadly Lafia - Akwanga road in Nassarawa state on Tuesday ... Full story
Confederation of African Football, CAF, has slammed a five-year ban on embattled Chris Giwa and four four of his disciples thereby confirming and extending the ...
Lazio midfielder Ogenyi Onazi will captain Nigeria in their friendly game against Mali in Rouen, France, tonight. The 23-year-old Onazi is one of the most senior ...
The Garden City of Port Harcourt will this evening play host to Joseph Yobo's testimonial match in celebration of his retirement and centenary appearance for ...
Manchester United have offcially announced the appointment of Jose Mourinho as their new manager. Mourinho, who has long been linked with a move to Old Trafford, ...
United Airlines, Chicago-based American airline, is pulling out of Nigeria over difficulty in recovering monies made from tickets sales, due to Nigeria’s foreign exchange policy. The ...
Nigeria Professional Football League Giwa FC and Heartland have been eliminated from the Federation Cup in the Round of 64.clubs Giwa lost 2-0 to Sunshine Stars, ...
The world’s leading digital sports brand ESPN, has reported record traffic in Nigeria for April 2016, for the second consecutive month. 5.7 million unique visitors accessed ...
Omotade Johnson, a former staff with Intercontinental bank now make ends meet selling puff puff at Igando bus stop in Lagos state. Omotade, a graduate ...
On Wednesday, May 24, top Nigerian music sensation Iyanya shut down Abuja as he staged his first ever ‘Symphony of Iyanya’ concert held at the ...