The Dangote Petroleum Refinery retained 13 per cent of Nigeria’s crude oil exports as domestic supply in 2024, a new report by Reuters has stated.
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It said the development raised Nigeria’s domestic share of oil exports from per cent in 2023 and slightly cut the country’s exports to Europe.
However, despite being a major net exporter of crude, Nigeria imported 47,000 barrels per day of US oil in 2024. Experts say this is unusual for crude oil exporting countries.
This is against the backdrop that the Nigerian National Petroleum Company Limited may continue servicing its crude-for-loan obligations till 2029 as the demand for oil by domestic refineries increases.
NNPCL’s debt burden arises from several crude-for-loan agreements that have tied volumes of the country’s oil production to various financial commitments.
Continuing, the report disclosed that the Dangote refinery, alongside other new refineries that sprung up in the global south, has reportedly altered the global flow of crude amidst sanctions on Russian oil Dangote Refinery imported US oil.
The 650,000bpd capacity Dangote Petroleum refinery contributed to the increased volume of Nigeria’s crude imports from the United States.
Last year, Dangote refinery received its first shipment of US WTI in November 2024.
The multiple shipments received from the US by the Dangote refinery boosted Nigeria’s imports from the US in 2024 as the Nigerian National Petroleum Company failed to supply crude oil to the refinery.
The report also stated that the volume of global crude export volume in 2024 declined by two per cent, the first dip since the COVID-19 pandemic.
This is attributed to weak demand growth and reshuffled trade routes due to conflicts, sanctions, and new pipelines and refineries.
The wars in Ukraine and the Middle East caused a lot of rerouting of tanker shipments, while sanctions on Russia and Iran forced importers in Europe and South America to seek new suppliers.
Following the outbreak of Russia’s war with Ukraine, European refiners reduced their imports from Russia while boosting purchases of oil from the U.S. and the Middle East.
However, attacks on vessels in the Red Sea due to Israel’s war with Gaza led to higher shipping costs from the Middle East, so refiners turned to the U.S. and Guyana.
Iraq’s exports dropped by 82,000bpd, while the United Arab Emirates saw a decrease of 35,000bpd. Meanwhile, Europe increased imports by 162,000bpd from Guyana and 60,000bpd from the US.
While Europe and South America turned down Russia’s oil, India and China embraced it.
Other factors that have contributed to the reshuffling of oil trade routes include the expansion of Canada’s Trans Mountain pipeline to the country’s west coast, falling oil output in Mexico, and a halt in Libyan oil exports.
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