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OIL PRODUCTS
Nigeria’s 650k b/d Dangote refinery is set to shake up international crude flows when it reaches full capacity, having already made an impact since its startup in January, Platts said.
- The refinery is designed to make Nigeria self-sufficient as it has lacked refining capacity in the past.
- The refinery has impacted crude flows, with dozens of Nigerian cargoes kept domestically and WTI being imported.
- The refinery could therefore tighten the light sweet market, particularly when its ramps up to full capacity.
- Dangote has received 47 cargoes to date – around 170k b/d – 20 of which are from NNPC and 18 US cargoes.
- European imports of Nigerian crude have slumped since January, with only imports of US crude falling by more.
- Platts noted that Dangote has also been selling some excess WTI cargoes, highlighting that the new trade flows may not yet to fixed.
Source: S&P Global Commodity Insight
Source: S&P Global Commodity Insight
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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