This development was made
known at a lecture entitled: ‘The global
oil and gas market dynamics: outlook for Nigeria’ at the Emerald Energy
Institute of the University of Port Harcourt, Rivers State which was chaired by
a former presidential adviser on petroleum matters, Dr. Emmanuel Egbogah. During the lecture, Mr. Wihbey said that a
key component of President Barack Obama and President Buhari’s recent meeting
in Washington was for the resumption of significant volume of crude oil export
to the U.S, as Saudi Arabia lean more towards China.
Before President Buhari’s
visit to the U.S., Mr. Wihbey briefed the U.S Marine Corps Command and Staff
College, as well as U.S Marine Corps War College, Quantico, Virginia, as an
expert on geopolitics of the international energy sector, particularly on
Nigeria. He explained that if Nigeria should establish credible political
institutions, it will in no distance time replace Saudi Arabia as a key oil
exporter to the U.S.
The Energy expert said that
the recent drastic reduction in the price of crude oil, which has adversely
affected the Nigerian economy was caused by the decline in commodity
super-cycle and China; the U.S. shale production; and Middle East geopolitics
like Iranian issue and Saudi Arabia fixation on the Shanghai cooperation
organization.
Consequently, the President
of the Federal Republic of Nigeria, Muhammadu
Buhari, was urged to swiftly put in place a new strategic energy policy for
export of Nigerian oil to new markets in Asia, while also advising government
to resolve the crisis with India, which had expressed its willingness to
increase its crude oil import from Nigeria to about $50billion annually.
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