The Organisation of the Petroleum Exporting Countries (OPEC), is upbeat at the prospect of the Dangote Oil Refinery, in driving world crude oil refining capacity increase especially in Africa by 2020. OPEC, in the current edition of its World Oil Outlook (WOO), said the Dangote Refinery, which is the first privately-owned and operated refinery in Nigeria, will refine about 650,000 barrels of crude oil per day at installed capacity. Presently, total world oil production in 2019 averaged 80.622 million barrels daily. Approximately 68 per cent is coming from the top 10 countries, and an overlapping 44 per cent from the 14-member OPEC. OPEC said in the outlook that the world is expecting some capacity expansion coming from Nigeria by 2020, either through the rehabilitation of existing refineries – in part to raise their utilisation rates, or through grassroots projects, like the Dangote Oil Refinery. OPEC stated: “Last year’s World […]