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More Economic Woes As South Africa Dumps Nigeria’s Crude For Iran’s Oil

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Nigeria’s government effort to improve its dwindling revenue profile from crude oil sales may have suffered another setback as South Africa get set to dump Nigeria’s crude oil. We gather that the South African Petroleum Industry Association (SAPIA) has reportedly stated that South Africa would likely stop importing crude oil from Nigeria following the lifting of the sanctions on Iran.

We cannot confirm if this move was purely from an economic point of view or as a result of seeming disagreement between Nigeria and South Africa regarding the huge fine that the Nigeria’s Telecom regulatory Agency, NCC slammed on South Africa owned Telecom giant MTN for defaulting in stopping unregistered SIMs on their network.

 

Executive Director of the SAPIA, Avhapfani Tshifularo, told journalists that the potential return of Iranian oil exports to South Africa threaten to displace barrels from Saudi Arabia and Nigeria that plugged the supply gap when sanctions were imposed on Iran, which is OPEC’s fifth biggest producer

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He said: “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.”