The South African Petroleum Industry Association (SAPIA), has announced that the country will halt the importation of crude oil from Nigeria after Iran’s sanction has been lifted.

“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,”Avhapfani Tshifularo (photo), the Director of the SAPIA told the Breaking Times.
According to a data assembled by SAPIA from refiners, South Africa halted imports from Iran in 2013, after which its oil imports from Nigeria increased, as Saudi Arabia became the highest exporter of crude to the country.

Meanwhile the National Bureau of Statistics, (NBS), had revealed that the Federal Government witnessed a drop in revenue from the petroleum sector, as the country’s revenue from crude oil export fell to N5.271 trillion from January to September 2015.
The NBS data also revealed that Nigeria made N1.675 trillion from crude oil export in Q1 of 2015, N1.984 trillion and N1.611 trillion in Q2 and Q3 away from the N3.234 trillion, N3.269 trillion and N3.149 trillion for Q1, Q2 and Q3 respectively, and in the fourth quarter of 2014, the country made N2.239 trillion from the export of the commodity in Q4 of 2015.
 

Anita Fatunji