The Organisation of the Petroleum Exporting Countries (OPEC) has acknowledged the impact of the Dangote Petroleum Refinery on the global fuel supply chain, noting that its operations have significantly reduced Nigeria’s reliance on European fuel imports.
In its latest report, OPEC highlighted that the 650,000-barrel-per-day refinery, which began production and exportation of petroleum products last September, has contributed to freeing up gasoline volumes in the international market.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline exports to the international market will likely weigh further on the European gasoline market,” OPEC stated.
The report further explained that Nigeria’s historical dependence on fuel imports is now shifting, leading to new adjustments in global fuel trade dynamics. As the refinery continues to expand its output, the European market may experience further shifts in demand and supply patterns.
Meanwhile, OPEC noted that global refinery margins have fluctuated, with the US Gulf Coast and Singapore experiencing declines due to increased supply. However, Rotterdam recorded a rise in margins, buoyed by higher fuel demand during the holiday season.
The Dangote Refinery, Africa’s largest, is expected to continue reshaping fuel trade flows, reinforcing Nigeria’s position as a key player in the global petroleum market.
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