adsNigeria, home to some of the lightest, most sought-after crude on the planet, is watching a critical moment pass by as the world confronts what analysts are calling the most serious energy supply shock in decades.
A prolonged closure of the Strait of Hormuz has removed more than 11 million barrels per day of Gulf crude and condensate from global markets, sending Brent crude prices surging and prompting desperate calls for alternative suppliers to step up.
Nigeria, an OPEC member sitting atop vast reserves of premium-grade crude, is widely seen as one of the few producers outside the Gulf capable of meaningfully filling the gap.
Yet chronic underproduction, infrastructure decay, and years of lost investment have left the country ill-equipped to seize the opportunity.
“We have one of the best crude oils in the world,” said Wole Ogunsanya, chairman of the Petroleum Technology Association of Nigeria, known as PETAN. “So we need NNPC and all producers to market Nigerian production.”adsads
