Bosman Business World

News and Research => Business => Topic started by: Dev Sunday on 2024-08-06 06:44

Title: US Crude Oil Supply to Nigerian Refineries
Post by: Dev Sunday on 2024-08-06 06:44


 *US Emerges as Major Crude Oil Supplier*: The United States is now a major supplier of crude oil to Nigeria's Dangote Refinery, accounting for 30% of the total 47 cargoes delivered to the facility.

 *Dangote Refinery's Production Capacity*: The Dangote Refinery has scaled up to 400,000 barrels per day and is expected to produce petrol from mid-August, in addition to diesel, jet fuel, naphtha, and fuel oil.

 *NNPC's Crude Oil Sales*: The Nigerian National Petroleum Company Limited (NNPC) has been directed to sell crude oil to the Dangote Refinery in naira, and a coalition of civil society organizations will monitor compliance.

 *Resumption of Local Crude Refining*: Nigeria plans to resume local refining of crude oil in early August, ending years of idleness at Nigeria's state-owned refineries.

 *Impact on Fuel Prices*: The resumption of local crude refining is expected to lower fuel prices, and analysts believe it will have a positive impact on the economy.

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