EU officials reportedly say the new resolution is expected to be approved by E.U. ambassadors next week as part of plans to avoid delays.

By Oladeinde Olawoyin


Indications emerged Friday that the European Union may turn to Nigeria and other oil-producing countries for oil supply amid moves to approve an embargo on Russian oil.

The New York Times reported Friday that the oil embargo would be phased in over a period of some months.

Quoting EU officials who spoke on condition of anonymity, the newspaper said the new resolution is expected to be approved by E.U. ambassadors next week as part of plans to avoid delays.

The EU resolution comes against the background of new assessments that the Russian military’s eastern offensive was faltering amid plans to provide Ukraine with more weapons and support.

With about one quarter of the Europe’s yearly oil needs coming from Russia, European countries rely heavily on Russia for supply. But officials said the union is looking elsewhere for oil supply.

“As the oil embargo is phased in, officials said the bloc would seek to make up the shortfall by increasing imports from other sources, like Persian Gulf countries, Nigeria, Kazakhstan and Azerbaijan,” the New York Times reported Friday, quoting officials.

Since the invasion of Ukraine earlier in thee year, the EU embargo—If enacted— will be the biggest and most important new step in the E.U.’s sixth package of sanctions against Russia.

The new sanctions will also be directed at Russia’s biggest bank, Sberbank, according to officials who spoke to the New York Times.


Poor Production

Nigeria, Africa’s largest oil producer, has faced challenges with oil production in recent months. The nation has had to close a number of its oil wells to keep criminals at bay, Zainab Ahmed, the country’s Finance Minister, said in a recent interview with Bloomberg TV.

Mrs Ahmed said that upon opening the wells, Nigeria will meet its quota of producing 1.6 million barrels of crude per day (mbpd).

For many months, Nigeria has produced 20 per cent less than capacity due to oil bunkering and other criminal activities.

Amid oil price rally as a result of Russia’s invasion of Ukraine, Nigeria has struggled to meet its Organization of Petroleum Exporting Countries (OPEC) quota of 1.73 mbpd.

The OPEC monthly oil market report (MOMR) for April 2022 showed that the country’s oil production fell by 20,000 barrels per day (tb/d) in March to 1.24 million bpd from 1.26 million in February 2022.

The nation also recorded a 24000 b/d decrease in oil output to 1.35 million bpd in March, down from 1.38 million bpd the previous month.

As the EU turns to Nigeria and others for supply, expectations are high that production would improve across the nation’s oil wells.

Nigeria relies heavily on crude oil sales to fix infrastructure, meet debt obligations and earn foreign exchange that would enable its monetary policy decision makers address inflation.

https://www.premiumtimesng.com/news/headlines/527049-european-union-set-for-russia-oil-embargo-turns-to-nigeria-others-for-supply.html


Lalasticlala

Nigeria is a country blessed with so much human and natural resources, strategically populated and position for greatness but yet unlucky with bad leadership over time.

Ordinarily Nigeria should be cashing out from this window but bad leadership won't make us gain from it.

Great news

Unfurnately with Buhari and Osinbajo handling the economy, we won't see any difference


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Another oil windfall is about to happen. More corruption loading. Poor Nigerians will become poorer. If you like don't vote in Peter Obi. Na you go regret am las las.

Ok

Bluntguy:
Another oil windfall is about to happen. More corruption loading. Poor Nigerians will become poorer. If you like don't vote in Peter Obi. Na you go regret am las las.

Same Peter Obi that couldn't develop Anambra for 8 years while Oil sold above $50

No airport, No river port, No increase in GDP, No metro busses like BRT, No metro rail, No new Stadium, nothing just boreholes and school desktop computers

Anambra ranks 16 out of the 36 States in Nigeria in terms of GDP and Economy yet you wickedly want us to vote someone that can't fix his state because of ethnic and religious sentiment





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No wonder people dey pay N100m to come rule naija!

Them don see the potential to make even much more money

Hmmmm

Mooh247:


Same Peter Obi that couldn't develop Anambra for 8 years while Oil sold above $50

No airport, No rever port, No increase in GDP, No metro busses like BRT, No new Stadium, nothing just boreholes and school desktop computers

Anambra ranks 16 out of the 36 States in Nigeria in terms of GDP and Economy yet you wickedly want us to vote someone that can't fix his state because of ethnic and religious sentiment





.

Put up the statistics of the most indebted states in Nigeria and you will find your Lagos in number one position with billions of dollars debt. It's your thieving god with his cocaine addiction that put you in that position and you wickedly want to rig him in as the country's next president. You are one of the pee poo your pee poo president will govern in your pee poo republic come 2023.

Aufbauh:
Nigeria is a country blessed with so much human and natural resources, strategically populated and position for greatness but yet unlucky with bad leadership over time.

Ordinarily Nigeria should be cashing out from this window but bad leadership won't make us gain from it.

But you have been the chief supporter of this regime. Or is it because Igbos are against it? Hypocrite.

It should be our good opportunity if utilized well

Bluntguy:

Put up the statistics of the most indebted states in Nigeria and you will find your Lagos in number one position with billions of dollars debt. It's your thieving god with his cocaine addiction that put you in that position and you wickedly want to rig him in as the country's next president. You are one of the pee poo your pee poo president will govern in your pee poo republic come 2023.

Put up the most indebted Countries in the world and you will find America as Number one and China as number two

These are serious countries like Lagos State

Lagos IGR in a year can comfortably pay up it's little loans used to build critical infrastructure like rail, and metro system

.

But the same EU and USA are still buying the Russian oil secretly but blames India for doing same.

. Naija don hammer

Engage Buhari one on one on economic issues and see how Incoherent and useless he is.

ZUBY77:


But you have been the chief supporter of this regime. Or is it because Igbos are against it? Hypocrite.

Some of you guys have problem of simple comprehension.
The difference between you and I is that you heaped Nigeria lingering challenges on the present administration alone, whereas I sees it as a failure of successive government.

Mooh247:


Put up the most indebted Countries in the world and you will find America as Number one and China as number two

This are serious countries like Lagos State

Lagos IGR in a year can comfortably pay up it's little loans used to build critical infrastructure like rail, and metro system

.

Please who are these countries owing?
USA, China etc are owing which countries such huge sums?

jazon:


Please who are these countries owing?
USA, China etc are owing which countries such huge sums?

Debt stock especially bonds are subscribed to by anybody anywhere in the world, you as a Nigerian can buy US bonds

Mooh247:


Same Peter Obi that couldn't develop Anambra for 8 years while Oil sold above $50

No airport, No rever port, No increase in GDP, No metro busses like BRT, No new Stadium, nothing just boreholes and school desktop computers

Anambra ranks 16 out of the 36 States in Nigeria in terms of GDP and Economy yet you wickedly want us to vote someone that can't fix his state because of ethnic and religious sentiment







.

Peter Obi could not develop Anambra State? Where are you from and why do some of you just seat in the comfort of your enclose and start typing as you feel?
It's either you are not well informed about the transformation Peter Obi brought to Anambra State or you are just being Ignorant.

BritishNaija:


Peter Obi could not develop Anambra State? Where are you from and why do some of you just seat in the comfort of your enclose and start typing as you feel?
Its either you have not well informed about the transformation Peter Obi brought to Anambra State or you are just being Ignorant.

I don't need to travel to Ghana to access their developmental statistics... Poverty index, GDP, Unemployment rate, FDI, IGR are good enough for me to make rational accessment


.

Mooh247:


I don't need to travel to Ghana to access their developmental statistics... Poverty index, GDP, Unemployment rate, FDI, IGR are good enough for me to make rational accessment


.

Rational statement indeed. Please do not be ignorant of what Peter Obi did. For a starter, Peter Obi linked all the towns in Anambra with major roads. Headbridge in Onitsha up the way to Army barrack was neglected for a very long time, and nothing to write home about, But Peter Obi did the needful.
Although I do not expect you to know all these because you have never visited Anambra and will never know what I'm talking about. Everything should not be about politics.

BritishNaija:


Rational statement indeed. Please do not be ignorant of what Peter Obi did. For a starter, Peter Obi linked all the towns in Anambra with major roads. Headbridge in Onitsha up the way to Army barrack was neglected for a very long time, and nothing to write home about, But Peter Obi did the needful.
Although I do not expect you to know all these because you have never visited Anambra and will never know what I'm talking about. Everything should not be about politics.

Not to descredit his performance over partisan politics... I never said he didn't do anything in 8 years, he just wasn't extraordinary as the previous poster wants us to blindly believe

I have never being to Akwa Ibom but I have had enough developmental strides of the state that it's part of my next travel destinations


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Mooh247:


Not to descredit his performance over partisan politics... I never said he didn't do anything in 8 years, he just wasn't extraordinary as the previous poster wants us to blindly believe

I have never being to Akwa Ibom but I have had enough developmental strides of the state that it's part of my next travel destinations

Peter Obi did a better Job when compared to Obiano, The only thing that kept Peter's Transormation from being much in the public space was because he have a very pool media team from my opinion.
Only what actually gave Obinna a boost was the Airport, Apart from that, he did a very pool job compared to Peter.

IS THIS GOOD NEWS ?

ok

It's not going to be easy. Moreover, Nigeria is a member of OPEC. What it implies is that the amount of oil production is regulated unlike Russia that's not a member.

They should not touch the gases in Southeast. They should continue drinking the oyel

Turn to Zoogeria or turned?

Great.

More money for the heartless thieves in government to loot. Ogun kee all of them. Thieves in different government houses. Yete Bello will still not pay his workers. The Ogun stare useless Cultist Dapo Abiodun will still not tare a single road in Ogun state. Niger Delta politicians will still not provide jobs for their militant youths, neither will East - West road be ever completed. The Almajari governors in the North will buy more cars for the Emirs and continue to abandon the millions of Almajaris on the streets. Don't even let us talk about the breathing mannequin hiding inside the Rock.

So nothing changes.

Good news