Nigeria’s Oando Sees Iran War Windfall as Buyers Seek Safer Oil

Nigerian oil producer Oando Energy is witnessing a surge in revenue because of the Iran war, which has “shattered” the Gulf’s reputation as a safe place to operate, said Group Chief Executive Wale Tinubu.

“We are certainly getting a windfall increase in our revenues,” Tinubu said in an interview with Bloomberg TV on the sidelines of the Africa CEO Forum in the Rwandan capital, Kigali. Challenges in the Strait of Hormuz has shown that “the Middle Eastern premium you got from being a stable environment to produce hydrocarbons has been shattered,” he said.