Dangote refinery with 600,000 barrels per day capacity alongside other smaller refineries coming online from Egypt and Algeria are expected to threaten existing refineries in Africa and the rest of the world, the Organisation of the Petroleum Exporting Countries (OPEC) stated.
The cartel disclosed this in its latest 2020 World Oil Outlook report.
OPEC estimated that the world’s refining capacity would increase by 5.2 million barrels per day between 2020 and 2025 based on the ongoing and announced refinery projects.
“Significant capacity additions are also expected in Africa in the medium-term period. Additions of new refining capacity are clearly in line with oil demand growth expectations,…