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The Organisation of the Petroleum Exporting Countries (OPEC) reports that the Dangote Petroleum Refinery’s efforts to increase petrol production are impacting the European petrol market.
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The refinery, which began operations in January last year, has reduced Nigeria’s reliance on petrol imports from Europe.
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OPEC notes that continued petrol production in Nigeria will free up petrol volumes in international markets.
The Organisation of the Petroleum Exporting Countries (OPEC) has reported that the Dangote Petroleum Refinery’s efforts to ramp up petrol production are impacting the European petrol market. According to OPEC, the refinery’s petrol exports to the international market will likely weigh further on the European gasoline market.
OPEC stated, “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.”
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The organisation noted that continued petrol production in Nigeria will free up petrol volumes in international markets, leading to new destinations and flow adjustments.
The Dangote refinery, which began operations in January last year, has reduced Nigeria’s reliance on petrol imports from Europe. OPEC reported that Nigeria’s average daily crude production hit 1.507 million barrels in December, according to data from secondary sources.
Dangote Refinery Gulps 13% of Nigeria Crude Exports – Report
Dangote Refinery’s domestic supply consumption has increased Nigeria’s domestic share of oil exports from 2% in 2023 to 13% in 2024, according to a report by Kpler.
This development has reduced Nigeria’s exports to Europe, with the continent adding 162,000 barrels per day from Guyana and 60,000 barrels per day from the US.
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