The Dangote Petroleum Refinery took 13% of Nigeria’s crude oil exports in 2024, thereby elevating home provide by 11% from the two% recorded in 2023. Consequently, the West African nation exported much less crude to Europe than common. Nevertheless, regardless of its standing as a serious crude exporter, Nigeria imported 47,000 barrels per day of US oil, partially as a result of native provide couldn’t meet with the calls for of the Dangote Refinery. Globally, crude exports declined by 2% in 2024, impacted by weak demand development, sanctions on Russia and Iran, and conflicts in Ukraine and the Center East. However, the Dangote Refinery made vital progress because it started supplying a good portion of Nigeria’s gasoline calls for. Past that, it additionally started exporting refined merchandise to African and European markets, highlighting its rising affect on international oil dynamics.
Supply: Nairametrics