The Dangote oil refinery is poised to receive 400,000 barrels of Nigerian crude daily, marking a shift in Africa’s oil trade dynamics. In October and November, the 650,000 bpd refinery will take in about 24 million barrels of local oil. This move could significantly reduce Nigeria’s crude exports, as the refinery plans to absorb 13 to 14 shipments out of the country’s usual 50 shipments per month. The refinery, which recently began gasoline production, may also disrupt the Europe-Africa gasoline trade, valued at $17 billion annually. The refinery has already reduced US crude imports to accommodate this shift. Additionally, Nigeria has begun selling its crude to local refineries, including Dangote, in naira. This deal is set to reshape the regional and global oil markets.
SOURCE: BUSINESS INSIDER
