Nigerian refineries, including the Dangote Refinery, have increased their crude oil demand for the second half of 2024 to 597,700 barrels per day (bpd), up from 483,000 bpd in the first half. This development comes amidst supply shortages, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) managing to secure only 177,777 bpd in the first half of the year, which was insufficient for the refineries’ demands. The NUPRC’s inability to meet the Dangote Refinery’s demands has led to tensions between both entities, with the refinery accusing the commission of not enforcing laws that require oil producers to prioritize domestic refiners. In response, the NUPRC stated that operational challenges are responsible for oil producers’ failure to meet demand. The commission also said that forcing producers to increase domestic supply could lead to breaches of existing contracts.
SOURCE: BUSINESS INSIDER
Nigerian Refineries Increase Crude Oil Demand Amidst Supply Challenges
