Link to Article(s): https://www.voanews.com/a/nigerian-experts-say-israel-hamas-conflict-could-affect-oil-revenue/7305196.html
https://www.jewishvirtuallibrary.org/israel-nigeria-relations
https://nairametrics.com/2023/10/10/what-israeli-hamas-war-means-for-nigerias-economy/
Summary: The Article dives into the effects of the Israel-Palestine conflict on the oil industry. Many say that it could be beneficial to the countries industry due to the spike in oil prices. An increase in revenue from crude sales would mean higher consumer costs. Nigeria relies on high quality imports and although it is one of the African continents highest oil producers, it does not consist of many refineries. Despite the reports that say the cost of oil surged due to worries about the conflict worsening the National President of P.E.T.R.O.A.N came to the conclusion that the country will definitely be effected in other ways then just an oil crisis. Although the Middle East produces about a third of the world’s oil, Palestine and Israel are not among those major producers.
Analysis: In the past many Israeli firms have invested in Nigerian development, transportation, irrigation etc. demonstrating a positive and beneficial relationship between the two countries. The National President of P.E.T.R.O.A.N when he implies there could be many other effects the war may have, I believe he is referring to the foreign money that is coming in which would increase Nigerias foreign exchange assets. Although the reserves may wither away if the conflict were to settle down and if oil exports were to possibly be delayed. Companies could possibly experience delays in shipments which could reduce business, overall effecting Nigeria and Israels trade relationship.
Connection to Class: In class we frequently discuss how a large part of China’s fossil fuels is supplied by Russia. On the topic of the gas they supply the hypothetical situations of a world war breaking down allows us to further understand trading relationships between countries. Those who supply the resources and those who consume. This is comparable in that Nigeria receives oil supplies, but rather than harming its economy which would happen if Russia were to cut off chinas gas, it would actually be beneficial