Business
Dangote Refinery’s Affecting European Markets – OPEC
In the last quarter of 2024, OPEC said “imports also declined, particularly oil product imports, improving the outlook for the external sector.”
A report by the Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday said that the emergence of Dangote refinery has reduced the importation of petroleum products from Europe to Nigeria.
According to the report, the 650,000-capacity Dangote refinery, which began operations in January last year, started producing PMS in September, 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.
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.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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