Aliko Dangote has started work to double capacity at his huge oil refinery in Nigeria, which when finished will rival the world’s largest site and give Africa’s richest person a stronger grip of global fuel supply chains.
A surge tank at the Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district of Lagos, Nigeria, on Monday, May 22, 2023. Aliko Dangote, Africa’s richest person, announced the opening of a mega refinery in Nigeria — seven years late — to a backdrop of skepticism about how fast it will really be able to ramp up.
Oil rose by the most since early May as traders priced in signals that energy flows out of the Middle East could be curtailed further.
The Motiva Port Arthur Refinery in Port Arthur, Texas, US, on Tuesday, April 14, 2026. US natural gas futures ended lower for a fifth consecutive session, erasing earlier gains as traders weighed plunging oil prices against mixed weather outlooks.
Falling water levels on one of Europe’s most important rivers are restricting the amount of oil barges can carry, adding more pressure to the region’s fuel supply chains as the Iran war grinds on.
A barge sails along the River Rhine past exposed sections of riverbed, in Germany.
Shipowners are increasingly optimistic about a pickup in traffic through the Strait of Hormuz after more vessels left the waterway this week with the US providing information to aid those making the journey.
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