Ijeoma Agudosi/Yemisi Izuora
Crude oil export to the United State of America is set to re-commence following information offered by the president of a Washington-based Global Water and Energy Strategy Team (GWEST), Paul Wihbey.
GWEST President Wihbey, gave a clue of possible resumption of Nigeria’s crude oil to the U.S., when he delivered a lecture with the theme, “The global oil and gas market dynamics: outlook for Nigeria’, at the Emerald Energy Institute of the University of Port Harcourt, Rivers State.
Wihbey, who before President Buhari’s visit to the U.S., 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, explained that if Nigeria establishes credible political institutions, it will in no distance time replace Saudi Arabia as a key oil exporter to the U.S.
He stated 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.
At the lecture, which was chaired by former presidential adviser on petroleum matters, Dr. Emmanuel Egbogah, the energy expert said a key component of President Barack Obama and President Buhari’s recent meeting in Washington, is for the resumption of significant volume of crude oil export to the U.S, as Saudi Arabia lean more towards China.
Also, President Muhammadu Buhari has been advised to swiftly put in place a new strategic energy policy for export of Nigerian oil to new markets in Asia, while also urging government to resolve the crisis with India, which has expressed its willingness to increase its crude oil import from Nigeria to about $50billion annually.