The Organisation of the Petroleum Exporting Countries (OPEC) has highlighted the significant impact of the Dangote Petroleum Refinery on the Premium Motor Spirit (PMS) market in Europe.
Since its start of operations in January 2024, the refinery, which boasts a capacity of 650,000 barrels per day, has ramped up production of petrol (PMS), reducing Nigeria’s reliance on imported fuel.
The refinery began producing PMS in September 2024, marking a shift after years of relying entirely on imports for the country’s fuel needs. In addition to serving the domestic market, the Dangote refinery has exported petrol, diesel, and aviation fuel to various countries within and outside Africa.
OPEC’s report, released on Wednesday, notes that the emergence of Dangote Refinery has significantly reduced the volume of petroleum products imported from Europe to Nigeria, reshaping regional trade dynamics.
In its Monthly Oil Market Report, OPEC also reveals that Nigeria’s average daily crude production reached 1.507 million barrels in December 2024, an increase of 12,000 barrels per day (bpd) from the 1.477 million bpd recorded in November.
This figure aligns closely with data provided by the Nigerian government and the Nigerian Upstream Petroleum Regulatory Commission, which reported a December output of 1.485 million bpd.
The Dangote Refinery, with its capacity exceeding 650,000 bpd, ranks as one of the largest refineries globally. It surpasses the size of Europe’s biggest refineries, including Shell’s Pernis refinery in the Netherlands, which has a capacity of 404,000 bpd.
The refinery also outpaces BP’s Rotterdam refinery (380,000 bpd), the ISAB refinery in Italy (360,000 bpd), and TotalEnergies’ facility in Antwerp, Belgium (338,000 bpd), according to Bloomberg data.
At an investment of $20 billion, the Dangote Refinery represents a major shift in Africa’s energy landscape, poised to have lasting effects on global petroleum trade.
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