Bloomberg: The China Show 06/06/2025
'Bloomberg: The China Show' is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Annabelle Droulers and Avril Hong give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
2 hours ago
- Business Insider
Dangote's $20B refinery sources U.S. crude, raising questions on Nigeria's output
The Dangote refinery, the largest crude processing facility in Africa, has been importing significant quantities of U.S. crude WTI, highlighting an apparent inconsistency given Nigeria's status as Africa's top oil producer. Africa's largest refinery, Dangote, imports significant quantities of U.S. crude, despite Nigeria being Africa's top oil producer. The refinery processes U.S. West Texas Intermediate (WTI) Midland crude for its technical advantages, such as higher yields and gasoline blending improvements. Current Nigerian crude production capacity cannot fully supply the refinery's needs, leading to a reliance on imports. Following a prolonged back-and-forth between Nigeria's national petroleum company, the Dangote $20 billion refinery, with a capacity of 650,000 barrels per day (bpd), has turned to the US crude oil market in 2025, sourcing West Texas Intermediate (WTI) Midland crude, a Bloomberg's ship tracking data noted. The refinery's intake of American crude has risen to roughly one-third, almost double the proportion seen during its 2024 startup phase. More notably, the surge in U.S. crude imports persists despite Nigeria's status as Africa's top crude oil producer and key OPEC member. However, the country's crude production capacity is limited, and it struggles to meet the Dangote refinery's needs and broader national demands. Critics argue that the factors behind Dangote's crude reroute stem from concerns over logistics and technicalities. According to Randy Hurburun, senior refinery analyst at Energy Aspects, technical advantages play a key role. WTI Midland offers higher yields of reformate and improved gasoline blending characteristics. Additionally, the shift is a consequence of the recent downturn in Asian demand for U.S. crude, driven in part by ongoing U.S.-China trade tensions, which has made more Midland oil available on the global market. As a further consequence, the refinery's ramp-up has led to a tightening of Nigerian crudes, a Dangote spokesperson confirmed, noting that June's crude intake will likely include an even higher share of U.S. supply. Bloomberg added that the event would allow U.S. crude to gain a larger share of Dangote's imports compared to Nigerian crude. Dangote refinery's refining capacity The Dangote Refinery, situated in the Lekki Free Zone near Lagos, Nigeria, has a designed processing capacity of 650,000 barrels of crude oil per day (bpd), making it Africa's largest oil refinery and the world's largest single-train facility. The refinery, located near Lagos, began producing diesel and naphtha in early 2024, with gasoline output commencing in September. As of early 2025, the refinery was operating at approximately 85% capacity, processing around 550,000 bpd. To meet its crude requirements, the refinery has been importing significant quantities of U.S. West Texas Intermediate (WTI) crude oil. In June 2025, it booked approximately 300,000 bpd of WTI, and in July, it planned to import at least 5 million barrels, equating to about 161,000 bpd Once fully operational, it is projected to meet Nigeria's entire domestic demand for refined petroleum products while generating surpluses for export across Africa and beyond. The image of Nigeria, a nation rich in oil, importing crude may seem ironic, but the Dangote refinery's sourcing strategy highlights broader challenges in the country's upstream sector, including underinvestment, theft, and operational inefficiencies. In contrast, the U.S. shale sector remains agile and export-oriented, with competitive grades like WTI Midland offering technical and economic advantages for large-scale processors. As Nigeria continues to reform its petroleum sector and attract new upstream investment, the success of the Dangote refinery could mark a turning point in reducing dependence on imported fuels – albeit fueled, for now, by American crude.
Bloomberg
2 hours ago
- Bloomberg
Ukraine's Strike Deep Inside Russia Revives Fighting Spirit
By Welcome to the weekend issue of Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Join us on Saturdays for deeper dives from our bureaus across Europe. More than three years into Russia's full-scale invasion of Ukraine and with enemy troops grinding forward, apathy and pessimism had started to spread across the war-torn country. But one day and one daring operation was enough to stun the world and give the nation much-needed hope.
Yahoo
3 hours ago
- Yahoo
Analysts Look to Tesla's Robotaxi Launch After Stock Hit From Musk-Trump Spat
Tesla is expected to launch its autonomous ride hailing service later this month, perhaps as soon as this week. The company has yet to confirm or deny a report from Bloomberg that it is targeting a June 12 launch for the robotaxi. The EV maker's stock could use a lift after a week marked by a spat between CEO Elon Musk and President (TSLA) is expected to launch its robotaxi service in Austin, Texas, as soon as this week, with the electric vehicle maker's stock in need of a lift after a week marked by political strife between CEO Elon Musk and President Trump. The stock rebounded nearly 4% to close just above $295 Friday, after tumbling 14% on Thursday. They've lost roughly one-quarter of their value since the start of the year. Tesla bulls believe a robotaxi program could drive substantial upside in the company's stock. Bloomberg last month reported that Tesla was targeting a June 12 launch, citing a person familiar with the matter, adding that the date could change. The company has not confirmed that date, and Tesla did not respond to Investopedia's request for comment in time for publication. Musk said in last month's earnings call and a May 20 interview with CNBC that the company was still on track to launch the program by the end of the month. The start of the program, Musk told CNBC, will likely be about 10 Model Y vehicles operating autonomously, with the company later expanding to more vehicles and cities. Tesla owners will eventually be able to add their vehicle to the available fleet of Teslas to rent for a ride, Musk has said, which could help Tesla scale the project before the Cybercab goes into production next year. Oppenheimer analysts recently wrote that the company's ability to get its software to drive fully autonomously with its current suite of cameras could be "key to its technology leadership and stock performance," but added they believe it might take at least one or two more hardware and software updates before Tesla can deliver reliable autonomous performance. More bullish analysts, like Wedbush's Dan Ives, have said they think successful autonomous driving software will be the start of technology that will eventually add $1 trillion in value to the company. Overall, analysts are somewhat divided on Tesla's stock, with 10 of the brokers tracked by Visible Alpha giving the stock a "buy" rating, with four "hold" and four "sell" ratings. Their average price target is about $304, slightly above Friday's closing level, but their price targets range from as low as $120 to as high as $500. Read the original article on Investopedia
