The Organisation of Petroleum Exporting Countries, (OPEC), says the Ɗangote Refinery is affecting European markets, noting that importation of petroleum products in Nigerian has dropped reasonably.
OPEC, in a report issued on Wednesday, disclosed that in the last quarter of 2024, “imports also declined, particularly oil product imports, improving the outlook for the external sector”.
Recall that in September last year, Ɗangote Refinery, a $20 billion project spearheaded by billionaire Aliko Ɗangote, officially begun petrol production, marking a significant milestone in Nigeria’s energy sector. Announcing the feat, Ɗangote said: “This refinery will fuel growth, development, and prosperity by supplying energy to our people.”
According to OPEC, the average daily crude production in Nigeria hit 1.507 million barrels in December. Its report noted that the Ɗangote Refinery, at 650,000 barrels per day (bpd) capacity, is 246,00bpd more than Shell’s Pernis refinery in the Netherlands. Also, BP Rotterdam, in the Netherlands, has 380,000 bpd capacity.
It said, “The on-going operational ramp-up efforts at Nigeria’s new Ɗangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market”.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets, which will call for new destinations and flow adjustments for the extra volumes going forward”, OPEC further stated.
