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OPEC Reports Significant Global Market Shifts As Dangote Refinery Exports Fuel

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Nigeria’s crude oil production averaged 1.238m bpd in June – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has highlighted the significant impact of Nigeria’s Dangote Petroleum Refinery on the global Premium Motor Spirit (PMS) market, particularly in Europe.

The refinery, which began operations in January 2024 with a capacity of 650,000 barrels per day, started PMS production in September.

This marked a turning point for Nigeria, a nation that had long depended on petroleum product imports.

READ MORE: Affordable Petrol: Ardova, Heyden Enter Bulk Purchase Pact With Dangote Refinery

Since production commenced, the refinery has been exporting petrol, diesel, and aviation fuel to markets across Africa and beyond.

In its report released on Wednesday, OPEC noted that the Dangote Refinery has substantially reduced the importation of petroleum products into Nigeria, reshaping global trade flows.

“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market,” OPEC stated.

“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets, which will call for new destinations and flow adjustments for the extra volumes going forward.”

Impact on Europe’s Gasoline Market

OPEC’s report indicated that Europe is already feeling the effects of this shift, with reduced gasoline exports to Nigeria leading to inventory builds at storage hubs in the Amsterdam-Rotterdam-Antwerp region.

The gasoline crack spread in Rotterdam against Brent crude saw a slight increase, supported by strong exports.

However, OPEC warned that the winter season’s lower demand could exacerbate the growing gasoline surplus in the Atlantic Basin, adding pressure to an already bearish market.

The report also revealed a rise in Nigeria’s crude oil production.

According to OPEC’s data from secondary sources, Nigeria produced an average of 1.507 million barrels per day (mbpd) in December 2024, a 12,000bpd increase from the previous month.

Government data showed a slightly lower figure of 1.485mbpd for the same period, aligning with figures from the Nigerian Upstream Petroleum Regulatory Commission.

The $20 billion Dangote Refinery has been ranked above Europe’s largest refineries in terms of capacity.

With its ability to process 650,000 barrels per day, it surpasses Shell’s Pernis refinery in the Netherlands (404,000bpd) and BP Rotterdam (380,000bpd).

Other major European refineries include the GOI Energy ISAB refinery in Italy (360,000bpd), TotalEnergies Antwerp in Belgium (338,000bpd), and the ExxonMobil Antwerp refinery (307,000bpd).

OPEC’s analysis underscores the refinery’s transformative potential. By reducing Nigeria’s dependence on imports and exporting refined products, the Dangote Refinery is reshaping global petroleum markets while enhancing Nigeria’s energy security.

 

 

NEWS

Apostle Suleman Blames Nigerians For Economic Woes

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Sexual affairs: Apostle Suleman, Nollywood actresses react

Senior Pastor of Omega Fire Ministries, Apostle Johnson Suleman, has pointed to the decisions made during the 2023 elections as a significant factor contributing to Nigeria’s current economic hardship.

Speaking during the “Recovery Conference 2025” held in Bauchi State, Suleman described the nation’s struggles as a consequence of poor electoral choices.

In a courtesy visit to the Government House, Suleman commended Governor Bala Mohammed for his leadership and pledged prayers for the progress of the state. However, in a meeting with journalists, the cleric expressed dissatisfaction with the current administration, stating, “What Nigerians are going through is partly what they deserve. Before the election, we cried out, we screamed, we yelled. The man (President Bola Tinubu) who came into leadership had no manifesto—just a sense of entitlement with his ‘it’s my turn’ mantra.”

READ MORE: UK Defers To Trump On Chagos Island’s Sovereignty

Suleman criticised Tinubu’s policies, particularly in the oil sector, noting that mismanagement has severely damaged the industry. He warned that it might take up to 15 years for Nigeria to recover, adding that prayer is the only current recourse.

Governor Mohammed echoed Suleman’s concerns, stating that some of Tinubu’s policies lack vision and could have devastating consequences for the nation. While expressing respect for the president, he vowed to continue opposing policies that he believes harm Nigerians. Mohammed said, “Tinubu’s policies don’t have a clear vision and are taking us to the road to perdition and destruction.”

Both Suleman and Mohammed urged Nigerians to reflect on their electoral choices and learn from the experience when voting in the 2027 elections. Suleman remarked, “If they’ve suffered enough by then, perhaps they’ll make better decisions.”

The two-day conference, which saw participation from senior pastors including Dr. Kingsley Aigbe, was aimed at addressing economic and spiritual recovery.

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International News

UK Defers To Trump On Chagos Island’s Sovereignty

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UK Opens Door For Nigerian Teachers (See Qualification, How To Apply)

 

The United Kingdom (UK) would not be finalising the deal to transfer control of the Chagos Islands to Mauritius until the United States of America’s (USA) President-elect, Donald Trump is inaugurated and consulted.

This delay, according to ITVx, stems from concerns within Trump’s inner circle, particularly regarding the strategic Diego Garcia military base, which is used by both the U.S. and the UK.

The UK government emphasised on Wednesday that it will only agree to a deal “that is in the UK’s best interests and protects our national security.”

ALSO READ: Tinubu Invites UAE President To Nigeria

On Mauritius’ request for further discussions, the prime minister’s spokesman, Matthew Doyle, added, “It is obviously now right that the new U.S. administration has the chance to consider this and discuss this once they are in office.”

On her part, Mauritius has confirmed that further negotiations will take place, with Attorney General Gavin Glover returning to London for more talks.

It was gathered that the UK has made a decision to cede sovereignty over the British Indian Ocean Territory to Mauritius, while leasing the Diego Garcia base back to the U.S. for an estimated £90 million annually.

Mauritian Prime Minister, Navin Ramgoolam did not sign off on the previous deal and is sending a delegation back to London for additional negotiations.

Pressed on if this meant the UK would not finalise the deal before Trump’s inauguration on January 20, the spokesman reiterated, “You can take from what I have just said about that, the new U.S. administration.”

While Sir Keir Starmer defended the plan in Parliament, asserting that it “delivers the continued effective operation of the base,”

On her part, conservative leader Kemi Badenoch, has frowned at the negotiations, describing it a “secret deal to surrender British territory.”

The Mauritian government remains steadfast in its pursuit of the islands, with a statement confirming that the Cabinet has been briefed on developments following last week’s talks in London.

“The commitment and resolve of Mauritius to reach an agreement and end this long battle for sovereignty remains unshaken,” the statement read.

There indications that the Chagos Islands, part of the British Indian Ocean Territory, remain highly contentious, attracting diverse interests from different ccountries.

The forced removal of the indigenous Chagossian people in the 1960s and 1970s to accommodate the U.S. military base has sparked ongoing legal and human rights battles.

The International Court of Justice ruled in favour of Mauritius, though the UK has yet to implement the ruling.

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NEWS

JUST IN: Tinubu Congratulates Nigerians On Biden’s PECASE

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Nigeria’s President Bola Ahmed Tinubu has congratulated six distinguished Diaspora Nigerians named by President Joe Biden among the 400 recipients of the Presidential Early Career Award for Scientists and Engineers (PECASE) in the United States.

This was contained in a statehouse statement in Abuja, on Thursday by the Special Adviser to the President (Information & Strategy) Bayo Onanuga.

Biztellers reports that the prestigious recognition was established by former President Bill Clinton in 1996, and remains the highest honour bestowed by the United States government on outstanding scientists and engineers at the early stages of their careers.

This year’s awardees, announced by President Biden on January 14, 2025, are employed or funded by 14 participating United States government agencies.

The Nigerian honorees include Azeez Butali, Gilbert Lilly Endowed Professor of Diagnostic Sciences, College of Dentistry, University of Iowa; Ijeoma Opara, Associate Professor of Public Health (Social and Behavioral Sciences), Yale School of Public Health, Yale University; and Oluwatomi Akindele, Postdoctoral researcher at Lawrence Livermore National Laboratory.

Others are Eno Ebong, Associate Professor of Chemical Engineering, Bioengineering, and Biology at Northeastern University; Oluwasanmi Koyejo, Assistant Professor of Computer Science at Stanford University; and Abidemi Ajiboye, Executive Vice Chair of the Case School of Engineering, Department of Biomedical Engineering, Case Western Reserve University.

President Tinubu commends these trailblazing Nigerians for their remarkable achievements in medical sciences, technology and engineering.

President Tinubu maintained that recognising these exceptional talents underscores Nigerians’ vast potential to excel both at home and on the global stage.

He looks forward to the honorees sharing their multidisciplinary expertise to benefit Nigeria’s development efforts under the Renewed Hope Agenda.

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