crude oil

NNPC Limited's leadership visited the 650,000 bpd Dangote Refinery complex in Lagos to formalize operational coordination, marking a critical step in Nigeria's efforts to reduce refined product imports and stabilize domestic fuel supply.

Nigeria's oil production declined to 1.627 million barrels per day in recent reporting, missing both budget projections and OPEC quotas, while Dangote Group signed a $400 million equipment deal with China's XCMG to double refinery capacity to 1.4 million bpd.

Africa's largest refinery operator has signed a major equipment deal with China's XCMG Construction Machinery, targeting a 40% capacity increase that would position the facility among the world's top petroleum processing plants.