Global crude oil price went down -0.68% as Russia and European Union readjust to the restriction placed on the former. On Thursday evening, oil price depreciated to $111 per barrel.
This comes as Russia lured buyers for its oil products in Nigeria with its cheaper price, as Vladimir Putin plans to replace European market with that of Nigeria and other African nations before EU embargo begins to take effect.
Ripples Nigeria had previously reported that western countries had been reducing their demand for Russia’s oil in the wake of Ukraine invasion by Putin. At the end of 2022, EU is planning to completely pull out from importing oil from the Eastern European country.
And in order to prevent a dip in production output, which would cut earnings from war, and possibly affect the financing of the war against Ukraine, Putin is looking for new buyers, and Nigeria is on the exportation list of Russia.
Refinitiv, a research and data firm, disclosed in their report, that export of diesel into the African continent from Russia had increased from 0.8 million to one million tonnes, while gasoline and naphtha importation by nations from the region was up to 200,000 tonnes.
Aside from Nigeria seeing an increase in its inflow of Russian oil products, other countries mentioned are Morocco, Sudan, and Ivory Coast, while Senegal and Togo are receiving huge volumes of diesel.
Russia, is however, looking beyond the Nigerian and African market, pushing its oil products into Middle East and Asia, despite the latter having enough oil to sell out. The reason for the increase in Putin’s oil is related to its low cost compared to what’s attainable in other markets.
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