Rising global oil prices caused by the Iran war are prompting questions about whether Nigeria’s Dangote Refinery and Angola’s steady crude production can help cushion Africa from the impact of potential supply disruptions.
The war in Iran has drastically raised oil prices. Could Nigeria’s massive Dangote refinery and Angola’s stable oil output help cushion the blow for Africa?
The US-Israel war in Iran has already driven global oil prices up by about 20%. At the center of the crisis is the Strait of Hormuz, the key shipping route for around a fifth of the world’s oil supply.
Nigeria’s Dangote Refinery, the largest in Africa, says the domestic market will not face disruptions. The facility in Lagos, which produces 650.000 barrels per day, has helped Nigeria overcome longstanding fuel shortages since opening in 2024.
Angola, the second-largest oil producer in sub-Saharan Africa, could also play an important role. The country produces just over 1 million barrels of crude a day and remains a key supplier to markets in Asia.
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