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
Raising twins is never easy but in Benin, an poor nation on the west coast of Africa, hardship means many die during childhood. Now a ... Full story
The Nigerian dancehall queen, Cynthia Morgan, has kept her relationship status a secret until recently when rumours linked her with fellow dancehall singer, Burna Boy. The ... Full story
Rate this article
- 4 Boko Haram Terrorists Presented Before Shettima
- Not Again! Buhari Forgets The Full Meaning Of APC During Meeting With Obama - Video
- President Buhari Rejects Gay Marriage Offer
Football superstar Cristiano Ronaldo has spent £20,000 on a waxwork of himself to take pride of place in his Spanish mansion. The Real Madrid player paid ... Full story
For the past few weeks, Nollywood actress, has been trending due to his marriage brouhaha.Just yesterday, her Mr. X, Oladunni Churchill, stormed to her hometown ...
It was a filled and joyful sunday service at Obudu Cattle Ranch as Nollywood veteran actresses, Liz Benson, Shan George, actresses Halima Abubakar and ChaCha ...
The year is fast coming to an end and there are couples in the industry that have either been seen on the red carpet together ...
The first daughter of Pastor Tunde Bakare, Olubunmi walked down the aisle with her heartthrob, Olaoluwa Fabode on Saturday, August 29. A number of popular faces ...
A stunning and pregnant Mercy Johnson celebrated her birthday with her husband and kids . She looks amazing! ... Full story
Cristiano Ronaldo has given his old friend and former football teammate, Albert Fantrau a special recognition publicly after recounting how he sacrificed his own football ... Full story
When all the butterflies have fluttered away and your wedding day becomes a distant memory, you will discover that you’ve married someone who is just ...
Mr James Adedapo, a retired civil servant has got a nod for his divorce suit against his wife, Oluwatoyin, at the Grade ‘C’ Customary Court ...