The Dangote Petroleum Refinery has announced a major production milestone, achieving a combined daily output of 70 million litres of petrol and diesel, 45 million litres of petrol and 25 million litres of diesel, surpassing Nigeria’s domestic fuel demand.
Many observers have argued that China’s concerted electrification push and the diversification into LNG-powered trucks would kill a lot of oil demand. Indeed, consumption data suggests there has been an impact. Yet a new refinery just started operating in China a few months ago, and more recently, its second unit started up, adding a fresh 400,000 bpd to the country’s total capacity. It seems demand is not quite dead yet and will not be for some time—especially for those who make their refineries petrochemical complexes, too.