Nigeria can’t fill supply gap left by cut in Iran oil exports

Subsequent to the EU measure, Iran announced on February 15 that it had decided to cut oil exports to six European countries, namely the Netherlands, Spain, Italy, France, Greece, and Portugal.

On February 19, Iran’s Oil Ministry announced it had cut oil exports to British and French firms in line with the decision to end crude exports to the six European states.

Iran’s decision to impose countersanctions on the European countries has led to a hike in global oil prices, pushing gasoline prices in the US and the UK to record highs. The rising gasoline prices have become a major issue in the US presidential election campaign.

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