Asia is increasing its crude oil imports from Nigeria and Angola, with shipments expected to rise by 200,000 barrels per day in March to 3.72 million barrels per day, according to data from Kpler.
The surge in demand is driven by disruptions in the Middle East, where Iran’s effective closure of the Strait of Hormuz and attacks on energy infrastructure have reduced global oil production by at least 10 million barrels per day, equivalent to 10% of daily global consumption.
As a result, the Middle East Dubai oil benchmark hit an all-time high of $169.75 on March 23, breaking the previous record set in 2008. Asian buyers are competing with European buyers for limited supplies, pushing up prices.
Nigeria’s oil exports are benefiting from the global shortage, with the Nigerian National Petroleum Company (NNPC) Limited lifting 950,000 barrels of Cawthorne Blend crude into the global market. This is Nigeria’s first new crude oil terminal in 50 years ².
The increased demand for Nigerian oil is expected to boost government revenue, but experts warn that the country’s oil production constraints and infrastructure challenges may limit the benefits ³.
