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.
At the Lagos Oil Forum on Thursday organised by Platts, a US-based publication that provides information on energy and metals data, its Senior Editor, Europe and Africa Oil, Mr. EklavyaGupte, said 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 said, “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.