An increase in the number of new refining capacity, expected to extend till the end of 2024, signifies major competition ahead for the oil industry, with possible shutdowns, the International Energy Agency (IEA), said in its Oil 2019 Report. The IEA noted specifically that such a capacity expansion will require shutdowns to balance, estimating that 4.3 million barrels daily (b/d) should theoretically be closed by 2024, so that the new additions do not exceed the products demand growth. As it were, shutdowns of Nigeria’s local refineries appear imminent as operating deficit rises to N132.5billion. With Dangote Refinery expected to commence operations within the timeline with a capacity of 650,000 b/d of crude oil, Nigeria’s existing refineries may cease to operate having continued to record huge deficit over the years. Indeed, the Refinery is touted to have the capacity to meet 100% of the domestic requirement of all liquid petroleum […]