The Organisation of Petroleum Exporting Countries (OPEC), has said supplies from Nigeria-based world\u2019s largest single-train\u00a0Dangote Refinery\u00a0and Petrochemicals will put pressure on the performance of Europe\u2019s oil industry, especially the Northwest Europe (NWE) Gas oil.<\/p>\n
OPEC in its newly released monthly Oil Market Report for June 2024 listed Dangote Refinery among the top Diesel and jet Fuel suppliers that will disrupt Europe\u2019s oil & gas Industry, a development expert forecasted will positively impact the Nigerian economy.<\/p>\n
Recall that Standard & Poor Global quoting trading and the ship tracking sources had earlier predicted that Nigeria\u2019s $20 billion Dangote refinery would shake up international crude flows when it reaches full capacity, having already made an impact since coming online in January, trading sources and ship tracking data show.<\/p>\n
The report revealed that \u201cupside potential for higher production levels from Nigeria\u2019s Dangote refinery, coupled with strong flows from the Middle East and new supplies from the Mexican Olmeca refinery, will likely exert pressure on NWE gasoil performance in the mid-term.\u201d<\/p>\n
It stated further \u201cEurope is one of the world\u2019s largest purchasers of refined petroleum products and relied on imports from Asia and the US after the European Union banned the use of Russian diesel in the bloc.<\/p>\n
However, the 650,000bpd capacity refinery is eyeing the wider European market after International Oil Companies stopped supplying its crude oil.<\/p>\n
Vice president of Oil and Gas at Dangote Industries Limited, Devakumar Edwin announced the company had earlier exported its first jet fuel cargo to Europe as it rapidly scales production.<\/p>\n
The refinery is said to have exported 90 percent of its 3.5 billion litres of jet fuel and diesel to Europe over alleged lack of support from the Nigerian government.<\/p>\n
\u201cIt is good to note that from the start of production, more than 3.5 billion litres, which represents 90 percent of our production, have been exported,\u201d Edwin said<\/p>\n
BP is currently transporting its first jet fuel cargo to Rotterdam from Dangote, after being awarded part of a 120,000 metric tonnes tender offered for the end of May, according to S&P Global.<\/p>\n
OPEC stated that, \u201cin June, the jet\/kerosene crack spread in Rotterdam against Brent showed a slight decline, influenced by supply-side dynamics. Despite signs of improving air travel activities, subdued jet fuel demand from the aviation sector weighed on the product market<\/p>\n
\u201cGoing forward, European jet\/kerosene demand is expected to see upward pressure as consumption levels from the aviation sector continue to pick up in the coming months.\u201d<\/p>\n
President of Dangote Group, Aliko Dangote said the facility would broaden its feedstock sources with Libyan, Angolan, and Brazilian crude.<\/p>\n
Nigeria is sub-Saharan Africa\u2019s largest oil producer, pumping 1.5 million b\/d in June, according to the Platts OPEC Survey from S&P Global Commodity Insights. Until this year, all of its oil was exported due to the lack of refining capacity, with gasoline, diesel, and jet fuel imported for domestic use.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Organisation of Petroleum Exporting Countries (OPEC), has said supplies from Nigeria-based world\u2019s largest single-train\u00a0Dangote Refinery\u00a0and Petrochemicals will put pressure on the performance of Europe\u2019s oil industry, especially the Northwest Europe (NWE) Gas oil. OPEC in its newly released monthly Oil Market Report for June 2024 listed Dangote Refinery among the top Diesel and jet […]<\/p>\n","protected":false},"author":16,"featured_media":42608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[1061],"class_list":["post-42607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-opec"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/42607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=42607"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/42607\/revisions"}],"predecessor-version":[{"id":42609,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/42607\/revisions\/42609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/42608"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=42607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=42607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=42607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}