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SQL*Loader-522: lfiopn failed for file (loader.log)

I used the Oracle SQL Loader to push some data into a table and got the following error: SQL*Loader-522: lfiopn failed for file (loader.log)
This somewhat cryptic error message turned out to be that Oracle SQL Loader didn’t have write permissions in the work directory i.e. in the directory where I executed the sqlldr command. Once I fixed the directory permission everything worked just fine.