Nigeria Loses 16% Oil Output During Brief Dangote Refinery Strike
Nigeria Loses 16% Oil Output During Brief Dangote Refinery Strike

Nigeria Loses 16% Oil Output During Brief Dangote Refinery Strike

News summary

Nigeria experienced a significant drop in oil and gas production during a brief nationwide strike by the oil workers' union PENGASSAN, which cut about 283,000 barrels of oil per day, roughly 16% of national output, and 1.7 billion standard cubic feet of gas, while also reducing power generation by over 1,200 megawatts. The strike was sparked by the dismissal of over 800 unionized workers at the Dangote Refinery, Africa's largest crude processing facility, leading to widespread disruptions including delayed LNG operations and export cargoes. After government-mediated negotiations involving the Nigerian labor ministry and other officials, the union agreed to call off the strike following commitments from Dangote to reinstate and reassign the dismissed staff with no loss of pay. The resolution averted further supply risks and potential energy shortages, while the refinery secured a new two-year crude supply agreement with Nigeria's national oil company, ensuring feedstock continuity and transactions in local currency. The Dangote Refinery is reshaping regional fuel markets by reducing gasoline imports and increasing exports to neighboring countries, potentially ending the long-standing gasoline trade between Europe and Africa. However, the Nigerian National Petroleum Company warned that systemic vulnerabilities in the sector remain despite the resolution of this dispute.

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