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European Imports of West African Crude May Slip With Dangote Start Up

OIL

European crude importers will need to import supplies from farther afield than West Africa once the new Dangote refinery is fully operational, as the refinery is going to mostly use Nigerian crude as a feedstock according to a note from Poten & Partners.

  • In 2021, the Dangote oil refinery signed a supply deal for at east 300kbpd of Nigerian crude.
  • “Therefore, Nigerian crude oil exports will likely decline further, after pipeline and production issues have already affected production in recent years,” the note said.
  • More Nigerian crude volumes will go to Dangote and Europe will need to look for imports from longer-distance supplies, it added.
  • Dangote was aiming for initial fuel supply in late-July/early-August as of late July. However, the start up of the refinery has been repeatedly delayed.
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