Nigerian oil producers are reportedly concerned about the impact of losing South Africa as a major oil export market after the South African Petroleum Industry Association (SAPIA), revealed that it was focusing on Iranian imports.
Nigerian newspaper, Vanguard, quoted the executive director of SAPIA, Avhapfani Tshifularo, as saying: “The re-emergence of Iranian crude oil provides options for those willing to buy from Iran. Iranian imports are likely to displace the Nigerian and Saudi Arabian crudes, since they seem to have filled the gap since South Africa stopped importing Iranian crude oil.”
According to media reports, South Africa is currently the mainstay of Nigerian oil exports and the country is bracing itself for a major fall in revenue from crude oil sales when SA resumes its imports from Iran.
