- Dangote Petroleum Refinery’s production and export of petroleum products have impacted the European market
- The refinery’s operations have reduced Nigeria’s importation of petroleum products from Europe
- OPEC expects the refinery’s continued production to weigh on the European gasoline market
The Organisation of the Petroleum Exporting Countries (OPEC) has reported that the Dangote Petroleum Refinery has reduced pressure on European markets by decreasing Nigeria’s reliance on petroleum product imports from Europe. The 650,000-capacity refinery, which commenced production and export of petroleum products last September, has led to a significant reduction in Nigeria’s importation of petroleum products from Europe.
According to OPEC, the refinery’s ongoing operational ramp-up efforts will likely continue to weigh on the European gasoline market. The organisation expects Nigeria’s continued gasoline production to free up gasoline volumes in international markets, leading to new destinations and flow adjustments for the extra volumes.
OPEC’s report also highlighted changes in refinery margins globally, with drops in the US Gulf Coast and Singapore, but an increase in Rotterdam due to improved travel activities during the yearend holiday season. Global refinery intake increased, with offline capacities trending lower in December.
