Energy Markets
Nigeria blocks oil export permits to producers that do not meet refinery quotas
Nigeria's upstream regulator of oil said Monday that it will deny export permits to producers who do not meet their stipulated quota for local refineries. This includes the Dangote Refinery in Nigeria, Africa's biggest. The Petroleum Industry Act of Nigeria, which governs the oil industry in Nigeria, requires oil producers to supply domestic refineries with a certain volume of crude oil before they export it. This requirement is called the domestic crude supplies obligation. Oil producers claim that they haven't complied because refiners don't offer competitive prices. The Dangote Refinery has called on the regulators to enforce the law. In...