2025 OPEC World Oil Outlook Predicts Massive Surge in African Refining Capacity
SEATTLE (Oil Monster): The newly released 2025 OPEC World Oil Outlook Report predicts massive surge in African oil refining capacity over the next five-year period. The region is projected to witness an addition of 1.2 million barrels per day of new refining capacity by 2030, primarily led by milestone projects, especially in Nigeria, Angola and Uganda.
The Nigerian refining expansion will be mainly led by the 650,000 bpd Dangote Refinery. Also, the 200,000-bpd Akwa Ibom Refinery will also be a key growth driver. Angola’s projected capacity growth will be led by the 200,000-bpd Lobito Refinery and 100,000-bpd Soyo Refinery. Meanwhile, Uganda’s refining growth will be mainly centred on the 60,000-bpd facility in Hoima.
The report noted that modular refinery projects are in progress in Ghana, Guinea-Conakry and the Republic of Congo. The North African counties such as Algeria, Libya and Egypt are seen advancing on various refining projects.
According to the OPEC report, Africa will need an investment of over $40 billion to boost its refining capabilities.
The African domestic crude oil consumption is projected to reach 4.5 million bpd by 2050, significantly higher when compared with 1.8 million bpd in 2024.
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