The Organization of Petroleum Exporting Countries (OPEC) is upbeat at the prospect of Dangote Oil Refinery serving to drive world crude oil refining capacity increase, especially in Africa by 2020. The organization, in the current edition of its World Oil Outlook (WOO), said Dangote Refinery, which is the first privately owned and operated refinery in Nigeria, will refine as much as 650,000 barrels of crude oil per day at installed capacity. Presently, total world oil production in 2019 averaged 80,622,000 barrels per day. Approximately 68 per cent is coming from the top 10 countries, and an overlapping 44 per cent from the 14 current OPEC members. OPEC said in the outlook that the world is expecting some capacity expansion coming from Nigeria in Nigeria by 2020, either through the rehabilitation of existing refineries – in part to raise their utilisation rates – or through grassroots projects, like the Dangote […]