OPEC Reports: Dangote's Petrol Production Rocks European Economy

According to the Organization of the Petroleum Exporting Countries, the European PMS market is being impacted by the Dangote Petroleum Refinery and its initiatives to increase the production of Premium Motor Spirit (petrol).

Years after the nation had been entirely dependent on imports for its petroleum needs, the 650,000-capacity Dangote refinery, which started operations in January of last year, began generating PMS in September.

The refinery has exported aviation fuel, diesel, and gasoline to nations both inside and outside of Africa since it began production.
The establishment of the Dangote refinery has decreased Nigeria's imports of petroleum products from Europe, according to an OPEC report released on Wednesday.

The European gasoline market will probably be further impacted by Nigeria's continued efforts to scale up operations at its new Dangote refinery and its exports of gasoline to other countries.

"Nigeria, a nation that has historically relied largely on imports to meet its domestic fuel needs, is expected to continue producing gasoline, which will free up gasoline volumes in international markets. This will require new destinations and flow adjustments for the additional volumes going forward."

According to OPEC, "imports also declined, particularly oil product imports, improving the outlook for the external sector" in the last quarter of 2024.
According to the study, despite the fact that gasoline inventories at the Amsterdam-Rotterdam-Antwerp storage hub remained strong, the gasoline crack spread in Rotterdam against Brent climbed somewhat on robust exports.

As the Atlantic Basin's gasoline balance lengthens as a result of winter-season demand-side pressures, it further stated that gasoline inventory rises are anticipated to continue throughout the upcoming month.

The continuous recovery in gasoline refinery output levels, according to OPEC, is expected to intensify the already pessimistic market attitude.

According to data OPEC obtained from secondary sources, Nigeria's average daily crude production in December was 1.507 million barrels, as revealed in the Monthly Oil Market Report.
According to reports, it increased from 1.477 mbpd in November to 12,000 bpd.

However, the government-provided figure for December was 1.485 mbpd. The Nigerian Upstream Petroleum Regulatory Commission's is in line with this.

Recall that Bloomberg's research showed that the Dangote refinery's capacity placed it above the top ten refineries in Europe.

650,000 barrels of petroleum products may be refined daily at the $20 billion Dangote plant.

According to the research, this has a capacity of about 246,000 barrels per day greater than Shell's Pernis refinery in the Netherlands.

It further stated that the Pernis refinery is the largest in Europe, with an installed capacity of 404,000 barrels per day. The capacity of the BP Rotterdam in the Netherlands is 380,000.
Additionally, according to Bloomberg, the GOI Energy ISAB refinery in Italy was constructed with a 360,000 bpd capacity.

Additionally, 338,000 bpd can be refined at TotalEnergies' Antwerp refinery in Belgium.

The article also mentioned the 327,000 bpd Orlen Plock refinery in Poland, the 310,000 bpd Shell Rheinland refinery in Germany, the 310,000 bpd Miro refinery in Germany, and the 307,000 bpd ExxonMobil Anterwep refinery in Belgium.