The Organisation of Petroleum Exporting Countries, OPEC, has said Dangote Refinery is affecting European markets, as importation of petroleum products in Nigerian had dropped.
A report by OPEC, Wednesday, noted that in the last quarter
of 2024, “imports also declined, particularly oil product imports, improving
the outlook for the external sector.”
In September last year, Dangote Refinery, a $20 billion
project spearheaded by billionaire Aliko Dangote, officially begun petrol
production, marking a significant milestone in Nigeria’s energy sector.
Announcing the feat, Dangote said: “This refinery will fuel
growth, development, and prosperity by supplying energy to our people.”
OPEC
According data OPEC got, the average daily crude production
in Nigeria hit 1.507 million barrels in December.
The OPEC report noted that the Dangote 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.
“The ongoing operational ramp-up efforts at Nigeria’s new
Dangote 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 stated.
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