Nigeria has been listed to top other African oil producing nations that are likely gainers in the ongoing Middle East conflict.
Other countries mentioned in the report include, Libya, Angola, Gabon, Mozambique, Namibia, and Tanzania.
These countries are increasingly seen as lower-risk alternatives to Middle Eastern crude suppliers.
The ongoing Middle East conflict has pushed European and Asian buyers to focus on African volumes due to lower insurance premiums and more predictable delivery times compared to volumes passing through high-risk routes such as the Strait of Hormuz and the Red Sea.
The conflict has upended global energy markets, cutting off supplies of approximately 8 million barrels of crude per day and 20 per cent of liquefied natural gas (LNG).
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