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Nigeria to Compel Oil Firms to Sell Crude Domestically

OIL

Nigeria released new rules that will compel its oil producers to sell crude to domestic refineries to reverse its reliance on imports, according to Bloomberg.

  • Under the regulations, all oil companies operating in Nigeria must provide crude to refineries that cannot independently source.
  • Producers can only export once domestic obligations are met.
  • This may pull more local product to the new 650k b/d Dangote refinery, which had been importing WTI crude from the US.
  • It will also help support the state-owned Port Harcourt refinery expected to be online this year.

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