By Our Reporter
The Organisation of the Petroleum Exporting Countries (OPEC) has stated that the Dangote Petroleum Refinery’s production of refined products is reducing Europe’s reliance on imported petroleum products.
In its Monthly Oil Market Report, published on January 15, 2025, OPEC highlighted that the ongoing operations of the Lagos-based refinery are changing global trade dynamics. The report notes that the refinery’s production of gasoline is shifting supply patterns, as European markets will likely face a decrease in imports from international sources.
“Ongoing operational ramp-up at Nigeria’s Dangote refinery, along with its gasoline exports, is expected to put further pressure on the European gasoline market,” the report reads. “As Nigeria continues its gasoline production, a country historically dependent on imports for domestic fuel needs, it will free up significant gasoline volumes in global markets, which will require adjustments in destination flows to accommodate the surplus.”