Dangote refinery retained 13% of Nigeria’s crude exports in 2024 

This raised Nigeria’s domestic share of oil exports from 2 percent 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.

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 and conflict in the Middle East.

The 600,000 bpd capacity Dangote Petroleum refinery contributed to the increased volume of Nigeria’s crude imports from the United States. Naijaonpoint reported that the 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.

Reuters reported, quoting shipping data, that the volume of global crude export volume in 2024 declined by 2%, 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.

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.

It is hard to predict the global oil market in 2025. Suppliers are doubtful about China’s oil demands in the new year. However, some experts expect demands to rise in India.

Also, more countries are expected to use less oil in the coming years as they turn to gas and renewable energy sources.

In addition, it is not clear whether or not President-elect Donald Trump will relax the sanctions on Iran and Russia.

“This kind of uncertainty and volatility is the new normal – 2019 was the last ‘normal’ year,” Erik Broekhuizen, a marine research and consulting manager at ship brokering firm Poten & Partners told Reuters.