The Senior Editor of Platts
Europe and Africa Oil, Mr. Eklavya Gupte, who is an energy expert has advised
Nigeria to expand its market for crude towards the Asian region, which is now
increasingly a major target market for many oil exporters amid the sustained
oil price decline, The Punch reports.
In an Oil Forum recently held in
Lagos which was organized by Platts, a US-based publication that provides
information on energy and metals data. Mr. Gupte said that falling production
in the North Sea and Libya had boosted Europe’s import of Nigerian crude. He
however stated that Nigeria should focus more on the Asian markets as refining
in Europe had been falling in recent times.
He further said that, “One of the
biggest challenges for Nigeria is to find new buyers and keep its regular
buyers. Europe is the biggest regional market for Nigeria. The refineries in
Europe are not doing well. Refining is falling, and to have a region like that
as your biggest market is not a very positive thing”.
“Asia is where the demand is now.
The biggest challenge will be to attract a lot of demand from Asia,” Gupte
added. The increase in freight rate is another challenge facing Nigerian
crude”, he added.
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