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Nigeria To End Petroleum Imports by 2023

OIL PRODUCTS

Nigeria is planning to stop importing petroleum products from around 3Q23, amid increasing domestic production, the Nigerian Oil Minister Timpire Sylva said.

  • "We're expecting that we will actually be exiting the importation of petroleum products from maybe about third quarter next year if I was to give it a longer time frame, but I believe that even before the third quarter next year", Sylva said.
  • Nigeria’s crude production has risen to around 1.3mbpd recently, up from 1mbpd. The country hopes to meet its OPEC quota by May.
  • The refurbished Port Harcout refinery will be delivering 60k b/d of refined crude by the end of this year.
  • The new Dangote refinery is eyed to start production in 1Q23.

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