NewStats: 3,264,417 , 8,183,667 topics. Date: Wednesday, 11 June 2025 at 01:15 AM 4n106v

Nigeria Is Turning Into an Oil Market Juggernaut

The massive Dangote refinery establishes the African nation as a major influencer — and a potential disruptor for Europe.

Bloomberg News

In a finely balanced oil market, Nigeria has suddenly reemerged as a key player.

During the past few weeks, actions by the country’s massive Dangote refinery have moved prices, with purchases of US barrels initially boosting the crude futures curve before a decision to sell them sent oil tumbling.

Once fully operational, the plant outside Lagos will be able to process 650,000 barrels a day, rivaling the largest sites in the US and more than 50% larger than Europe’s biggest refinery.


A look at International Energy Agency data this week shows why that’s so important.

Even if OPEC+ cancels planned supply hikes, there will be a surplus of about 860,000 barrels a day next year. The group currently plans to add 540,000 barrels a day next quarter.

Both figures are close to Dangote-sized swings.

Refinery ramp-ups are complicated, and there’s already been at least one delay. But once the site starts churning out gasoline, it will transform fuel markets in the region and upend long-established trade flows, particularly in Europe, where Nigeria currently purchases much of its supplies.

Aliko Dangote, the billionaire behind the plant, said last month the plan is for it to start producing the fuel in August, though others are doubtful.

“The refinery’s gasoline is unlikely to hit the market until at least September,” consultant FGE wrote this month, citing issues with some of the plant’s units.

Then there’s the question of feedstock.

The facility was built on a dream of Nigeria consuming its own crude. That’s why there was an uproar when Dangote started buying US supplies.

Recently, the country announced plans for its refiners to pay for oil in local currency and to consume as many as 445,000 barrels a day of domestic product. Still, it’s unclear how the latter will happen.

But if it does, that will mean less crude for current buyers, notably in Europe.

It also means that in an oil market focused on war, economic slowdowns and output curbs, Nigeria will be a surprisingly hot topic among traders in coming months.

--Alex Longley and Bill Lehane, Bloomberg News

https://www.bloomberg.com/news/newsletters/2024-08-15/nigeria-s-dangote-refinery-is-fueling-an-oil-juggernaut-to-challenge-europe

Engrish.

Dangote should source his feedstock anywhere he so pleases and leave the country alone. Also, the refinery wasn't constructed to consume the nations crude. It was constructed because Dangote wanted to explore the industry. Nigeria must not be made an estate of Dangote

This country will shake the world.

In fact we're already shaking the world.

But more to come.

See how Dangote Refinery is making the whole world tremble, especially Europe.

What will they say when we now complete our 35 billion dollar gas pipeline that is heading straight to Europe as we speak?

That will end Russia's status as the monopoly supplier to Europe, and triple our annual income.

We better go and start adding nuclear capability to our military.

Because I don't think Putin is finding all these moves by Nigeria funny at all.

I'm sure he's sitting somewhere laughing and saying ''see small nyash dey shake''.

But we go show am say Naija no dey carry last.

Zwooks:
Dangote should source his feedstock anywhere he so pleases and leave the country alone. Also, the refinery wasn't constructed to consume the nations crude. It was constructed because Dangote wanted to explore the industry. Nigeria must not be made an estate of Dangote

Why should he get his feedstock elsewhere? Whether you like it or not,He will get it in Nigeria and there is nothing you can do about it

Dangote Refinery will WORK!

happney65:


Why should he get his feedstock elsewhere? Whether you like it or not,He will get it in Nigeria and there is nothing you can do about it

Hangover Refinery will WORK!

Good. Because the nation will not terminate hundreds of crude contracts to please Dangote


Two, the nation is a bigger entity than Dangote and he can't dictate the pace and policy direction of the country. He has been doing it forever. This is where it stops


Three, refineries all over the world buy crude from so many sources. Dangote is free to go to Libya, Algeria, Malta, Iran to source his crude but the nation will no longer be subservient to him

Rossikk:
This country will shake the world.

In fact we're already shaking the world.

But more to come.

See how Dangote Refinery is making the whole world tremble, especially Europe.

What will they say when we now complete our 25 billion dollar gas pipeline that is heading straight to Europe as we speak?

That will end Russia's status as the monopoly supplier to Europe, and triple our annual income.

We better go and start adding nuclear capability to our military.

Because I don't think Putin is finding all these moves by Nigeria funny at all.

Putin threatened by Nigeria ?


Go research the number of barrels Russia refines per day


Go research the quantity of fertilizer Russia produces thanks to its Crude reserves


Go research the quantity of Crude reserves Russia has


Go research the vast amount of lands Russia cultivates from its Oil wealth


Go research the number of working refineries Russia is involved in


NNPC runs into deficits from year to year. Last year was the only year since as far back as I've known GAZPROM, that it didn't make profit. These countries rake in $100BN in oil profits, whereas Nigeria can't even produce it's own tomatoes and peppers despite its vast oil reserves



Learn to read wide so as to get better enlightened before making public comments please


As for Nuclear power issues, please what country is Nigeria contracting to build mini Nuclear power stations ? Do you youths read after watching porn at all

Ok, lets help ourselves grow!

I Laugh in patwa . As them talk good , forget am nothing good would come out highest it will be an employer of labour but those believing the refinery would change a lot of things in the country , we're still in for a very long ride my Country folks .

Ok

Since Dangote wan sell fuel at 600, federal government should transfer the return but denied subsidy to Dangote to cushion the effect by reducing the price to like 300 or even 200..

We deserve better from the natural gift God has given us

Enough is enough

Zwooks:




Putin threatened by Nigeria ?


Go research the number of barrels Russia refines per day


Go research the quantity of fertilizer Russia produces thanks to its Crude reserves


Go research the quantity of Crude reserves Russia has


Go research the vast amount of lands Russia cultivates from its Oil wealth



Learn to read wide so as to get better enlightened before making public comments please


As for Nuclear power issues, please what country is Nigeria contracting to build mini Nuclear power stations ? Do you youths read after watching porn at all

rest

This is exactly what Nigeria wants we only hope it doesn’t come in a poisoned chalice

Dangote Refinery will in other words face a lot of local and international frenemies.

Nigerians will then contend with the aftermath win or lose

Habbeyy:
rest

Mentally lazy. I understand

Mtcheew

Oh jeez

How this helps Dangote get local crude for efficient functioning is yet to be seen.

FG should remove their hands from the many pies stifling Nigerians.

Habbeyy:
rest

I see alot of Sense in his comment

Rossikk:
This country will shake the world.

In fact we're already shaking the world.

But more to come.

See how Dangote Refinery is making the whole world tremble, especially Europe.

What will they say when we now complete our 35 billion dollar gas pipeline that is heading straight to Europe as we speak?

That will end Russia's status as the monopoly supplier to Europe, and triple our annual income.

We better go and start adding nuclear capability to our military.

Because I don't think Putin is finding all these moves by Nigeria funny at all.

Enemy of Nigeria

Zwooks:
Dangote should source his feedstock anywhere he so pleases and leave the country alone. Also, the refinery wasn't constructed to consume the nations crude. It was constructed because Dangote wanted to explore the industry. Nigeria must not be made an estate of Dangote

Very myopic thinking.

Zwooks:



Good. Because the nation will not terminate hundreds of crude contracts to please Dangote


Two, the nation is a bigger entity than Dangote and he can't dictate the pace and policy direction of the country. He has been doing it forever. This is where it stops


Three, refineries all over the world buy crude from so many sources. Dangote is free to go to Libya, Algeria, Malta, Iran to source his crude but the nation will no longer be subservient to him

Put your mind at rest bro. Jagaban no come to play, he go loyal anybody wey do anyhow.

Guestlander:


Very myopic thinking.

Whatever. We won't be bent over anymore by your ethnocentric inclinations.

The world is waiting for Nigeria.... I can imagine how glorious this country would be when fully industrialized....

Imagine a Nigeria with several export auto makers, mass wear production, booming tourism industry and a solid manufacturing and agro sector... nobody would be able to stand this great nation.

May God help the right people get to the right offices in politics and governance...

Zwooks:



Whatever. We won't be bent over anymore by your ethnocentric inclinations.

No argue with anyone, most of them are obidients, them no fit see beyond their nose.

Zwooks:
Dangote should source his feedstock anywhere he so pleases and leave the country alone. Also, the refinery wasn't constructed to consume the nations crude. It was constructed because Dangote wanted to explore the industry. Nigeria must not be made an estate of Dangote

Rubbish post.

MEANWHILE THIS HORRIBLE CITIZEN, GOING AGAINST THE REFINERY, THE WICKED NIGERIAN CITIZENS IN GOVERNMENT HOUSE WON'T EXPERIENCE PEACE ✌️🕊️

Zwooks:



Whatever. We won't be bent over anymore by your ethnocentric inclinations.

Ethnocentric as Dangote is a Yoruba man? Where do people like you come from?

Will tinubu and his thieves allow such to materialize? The answer is NO

Zwooks:




Putin threatened by Nigeria ?


Go research the number of barrels Russia refines per day


Go research the quantity of fertilizer Russia produces thanks to its Crude reserves


Go research the quantity of Crude reserves Russia has


Go research the vast amount of lands Russia cultivates from its Oil wealth



Learn to read wide so as to get better enlightened before making public comments please


As for Nuclear power issues, please what country is Nigeria contracting to build mini Nuclear power stations ? Do you youths read after watching porn at all

You have no joy atall

Influencer and disruptor. We know who is threatened by this. Dangote is extremely unethical in his business but i guess this is one of the only time Nigeria has to stand by him for the long term benefit.

Same business model all over Africa. Exploit the natural resources, take it abroad to refine and bring back the finished product at a very high cost. Every single natural resources owned by Africa follows this model. Did we think oil would be an exception? Their hands has always been involved in killing Nigeria's refining ability