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Can Nigeria and Angola shield Africa from oil hikes?
The US-Israel war in Iran has already driven global oil prices up by about 20%. At the center of the crisis is the Strait of Hormuz, the key shipping route for around a fifth of the world’s oil supply.
Nigeria’s Dangote Refinery, the largest in Africa, says the domestic market will not face disruptions. The 650,000-barrel-per-day facility in Lagos has helped Nigeria overcome long-standing fuel shortages since opening in 2024.
Angola, the second-largest oil producer in sub-Saharan Africa, could also play an important role. The country produces just over one million barrels of crude a day and remains a key supplier to markets in Asia.
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The US-Israel war in Iran has already driven global oil prices up by about 20%. At the center of the crisis is the Strait of Hormuz, the key shipping route for around a fifth of the world’s oil supply.
Nigeria’s Dangote Refinery, the largest in Africa, says the domestic market will not face disruptions. The 650,000-barrel-per-day facility in Lagos has helped Nigeria overcome long-standing fuel shortages since opening in 2024.
Angola, the second-largest oil producer in sub-Saharan Africa, could also play an important role. The country produces just over one million barrels of crude a day and remains a key supplier to markets in Asia.
The US-Israel war in Iran has already driven global oil prices up by about 20%. At the center of the crisis is the Strait of Hormuz, the key shipping route for around a fifth of the world’s oil supply.
Nigeria’s Dangote Refinery, the largest in Africa, says the domestic market will not face disruptions. The 650,000-barrel-per-day facility in Lagos has helped Nigeria overcome long-standing fuel shortages since opening in 2024.
Angola, the second-largest oil producer in sub-Saharan Africa, could also play an important role. The country produces just over one million barrels of crude a day and remains a key supplier to markets in Asia.
[analyse_source url=”https://www.dw.com/en/can-nigeria-and-angola-refineries-help-shield-africa-from-rising-oil-prices/video-76308673″]