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Wednesday, March 12
OPEC’s Monthly Oil Market Report revealed that Nigeria’s average daily crude oil production reached 1.507 million barrels per day (bpd) in December, reflecting a 12,000 bpd increase from November’s 1.477 million bpd.
“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,” the report stated.
“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.
Its ability to process 650,000 barrels per day surpasses Shell’s Pernis refinery in the Netherlands, which has an installed capacity of 404,000 bpd..
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