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influenced by other economic measures. In the
UK, for instance, the government pledged to cea-
se all Russian oil imports by the end of the year,
while in the EU, proposals were devised to diver-
sify energy supply away from Russia by way of
pipeline gas and LNG. As gloomy as the energy
sector seems amid the current conflict, and with
JP Morgan predicting the prospect of large oil
disruptions, could certain oil exporters benefit
from this war?
Providing 46,8% of European gas, Russia is the
continent’s primary gas supplier. Due to the cri-
sis, Germany had to suspend the certification
process for Nord Stream 2. In order for the EU to
become less reliant on Russian natural gas, the
Biden administration and its allies continue to
make efforts to reduce this dependency. Pros-
pects of a nuclear deal with Iran are improving.
A deal would allow Iran to ramp up oil produc-
tion. This conflict could be a great opportunity
for certain African oil producers such as Nigeria, Russian military helicopter

Libya, Angola, and Algeria. As a result of the Rus-
sian ban on oil imports, these African nations
can increase significantly their production capa-
city to meet the global demand for crude oil.
Algeria, which already supplies 11,6% of Euro-
pean gas, is showing its ambition to supply the
continent on a larger scale. Considering Nige-
ria’s oil production capacity of 1,36 million bar-
rels per day, the country might benefit the most.
In addition to enhancing the energy sector and
sustaining economic development growth, Nige-
ria could become more attractive to foreign
direct investment with the enactment of the PIA
(Petroleum Industry Act). A substantial invest-
ment in the energy sector would improve Nige-
ria’s infrastructure, allowing it to increase crude
oil production exponentially. Several African
countries, such as Libya, Ghana, Kenya, Angola,
South Africa, can implement effective policy
measures to attract more investment and
subsequently produce crude oil at optimal levels.

Monument of Ukraine and Ruissie in Kiev, Ukraine

International 44