More opportunities are about to open up for Nigeria’s oil, as Germany, the world’s 10th largest consumer of crude oil announced plans to stop buying Russian oil, IgbereTV reports
Germany has a huge daily crude consumption level of 2,383,393 (2.3 million) which is equivalent to 2.5 per cent of the world total.
In a statement released on Wednesday, German’s foreign minister, Annalena Baerbock said it would halt imports of Russian oil by the end of this year.
“We will halve oil by the summer and will be at zero by the end of the year, and then gas will follow,” she said.
Germany currently buys a quarter of its oil and 40% of its gas from Russia and has warned that it could face a recession if supplies suddenly stopped.
The US has already banned Russian oil imports, while the UK plans to phase them out by the end of the year.
Ms Baerbock said Germany would follow a “European roadmap” in phasing out oil and gas imports
