It further revealed that reduced fuel demand in Nigeria is impacting Europeans negatively but added that they have found a way around the situation.
According to the report, the US Atlantic Coast made up 28 per cent of total gasoline exported from the Amsterdam-Rotterdam-Antwerp region in July amid persistently low stocks, according to Kpler shipping data, increasing its share from the low teens almost in tandem with the shrinking Nigerian demand.
“As a result, European refiners have been unfazed by sinking demand in West Africa. European traders already faced being crowded out by Russian refined products that have flooded into Africa – including Nigeria – since the onset of the war in Ukraine saw European countries boycott Russian oil products. Yet even Russian exports to Nigeria have fallen sharply since the fuel subsidy was scrapped,” it added.