Dangote refinery has reduced petrol imports – OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) has forecast global oil demand growth rate at 1.4 million barrels per day (mb/d) in 2025, with a similar growth rate expected in 2026. This is coming amidst the projection by the federal government to increase crude oil production above 2million barrels per day. In its latest […]
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The Organisation of the Petroleum Exporting Countries (OPEC) has forecast global oil demand growth rate at 1.4 million barrels per day (mb/d) in 2025, with a similar growth rate expected in 2026.
This is coming amidst the projection by the federal government to increase crude oil production above 2million barrels per day.
In its latest monthly report for January 2025, released on Wednesday, the organisation also pointed at the 650,000-barrel per day Dangote Refinery which it stated has disrupted the European markets and reduced petrol imports.
In the report, OPEC projected a robust global economic expansion and healthy oil demand growth for 2025 and 2026.
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The report stated that demand in the region of the Organisation for Economic Cooperation and Development (OECD) is expected to grow by 0.1 mb/d, while the non-OECD region is expected to drive demand growth by accounting for 1.3 mb/d of the total increase in both 2025 and 2026.
On a regional basis, OECD oil demand is forecast to expand by around 0.1 mb/d, y-o-y, entirely from the Americas, while non-OECD oil demand is expected to witness growth of around 1.3 mb/d, mostly in India, China, Other Asia, the Middle East, and Latin America.”
“This outlook assumes continued inflation normalisation through 2026, providing support for further adjustments in monetary policies in major economies. The services sector is expected to drive global growth, alongside an expected gradual recovery in the industrial sector, despite prevailing uncertainties,” the report said.
According to the report, the growth in global oil demand is expected to be driven by transportation fuels, particularly aviation and road mobility.
“Gasoline requirements are also set to see support from steadily rising road mobility in major consuming countries and regions, such as China, the Middle East, India and the US. Both on-road diesel, including trucking, as well as industrial, construction and agricultural activities in non-OECD countries are expected to support diesel demand. Light distillates are projected to be supported by petrochemical capacity additions and margins, mostly in China and the Middle East,” the report added.
On Dangote refinery, the report said, “The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline exports to the international market will likely weigh further on the European gasoline market,” the report stated.
It further explained that Nigeria, a country historically dependent on fuel imports to meet its energy needs, is now freeing up gasoline volumes in global markets due to increased local production.
This development, OPEC added, will necessitate “New destinations and flow adjustments for the extra volumes going forward.”