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Dangote refinery petrol production affecting European markets – OPEC

Published

2 years ago

January 16, 2025

556 Views

The Organisation of the Petroleum Exporting Countries says the Dangote Petroleum Refinery and its efforts to ramp up Premium Motor Spirit (petrol) production are impacting the PMS market in Europe.

The 650,000-capacity Dangote refinery, which began operations in January last year, started producing PMS in September, years after the country had relied solely on importation for its fuel needs.

Since it started production, the refinery has exported petrol, diesel, and aviation fuel to other countries within and outside Africa.

A report by OPEC on Wednesday stated that the emergence of Dangote refinery has reduced the importation of petroleum products from Europe to Nigeria.

“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.

“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward.

”In the last quarter of 2024, OPEC said “imports also declined, particularly oil product imports, improving the outlook for the external sector.”

The report stated that the gasoline crack spread in Rotterdam against Brent increased slightly on healthy exports although gasoline inventories at the Amsterdam-Rotterdam-Antwerp storage hub remained high.

It added that the gasoline inventory builds are expected to extend into the coming month amid a lengthening gasoline balance in the Atlantic Basin due to winter-season demand-side pressures.

OPEC maintained that the ongoing recovery in gasoline refinery output levels will likely exacerbate the already bearish market sentiment.

Meanwhile, the Monthly Oil Market Report disclosed that the average daily crude production in Nigeria hit 1.507 million barrels in December, according to data OPEC got from secondary sources.

It was said to have risen by 12,000bpd, from 1.477mbpd in November.However, the figure supplied by the government was 1.485mbpd for December.

This aligns with that of the Nigerian Upstream Petroleum Regulatory Commission.

Recall that the Dangote refinery was ranked above the 10 biggest refineries in Europe because of its capacity, according to data compiled by Bloomberg.

The $20bn Dangote refinery can refine 650,000 barrels of petroleum products per day.

The report stated that this is over 246,00bpd capacity more than Shell’s Pernis refinery located in the Netherlands.

It added that the Pernis refinery has an installed capacity of 404,000bpd the biggest in Europe. The BP Rotterdam in the Netherlands has 380,000 capacity.

Bloomberg also said the GOI Energy ISAB refinery in Italy was built with a refining capacity of 360,000bpd.

Also, the TotalEnergies Antwerp refining facility in Belgium can refine 338,000bpd.

Others listed in the report were the Orlen Plock refinery in Poland with 327,000bpd; Shell’s Rheinland in Germany with 327,000bpd; Miro refinery in Germany has 310,000 capacity and the ExxonMobil Anterwep refinery in Belgium with 307,000 capacity.

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President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

6 hours ago

July 22, 2026

OCHEFA

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President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.

Business

Naira Exchange Rates Wednesday, July 22

Published

13 hours ago

July 22, 2026

OCHEFA

24 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,408 Sell ₦1,413

GREAT BRITISH POUND (GBP) Buy ₦1,885 Sell: ₦1,905

EURO (EUR) Buy ₦1,585Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,375. 31

GREAT BRITISH POUND (GBP) ₦1,841. 13

EURO (EUR) ₦1,569.78.

SWISS FRANC (CHF) ₦1,694.98

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦203. 25

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦366.36 SOUTH AFRICAN RAND (ZAR) ₦83.50

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

1 day ago

July 21, 2026

OCHEFA

33 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.