How has this conflict reshaped the calculus for Europe's fuel sectors? Are we seeing a fundamental shift in the way the region thinks about refining?

Yeah, so before we entered this conversation, Worst case scenario really for the oil market with the US-Iran conflict, it looked like it could be relatively dire straits for the European refining market.

There's been well-documented challenges with competitiveness and a lot of the international energy companies that manage these refineries were kind of looking at their global portfolios and thinking that Europe looked like a less sure bet, essentially.

That calculus has changed for the short term this year.

We've seen refining margins at least double in the last couple of months as a result of just the shock of the war.

And that looks like it's on the uptrend as we're kind of heading into the back end of the year.

So looking at the numbers today, as we chat August 28th, the European ultra-low sulfur diesel crack is something like $80 a barrel, having hit an all-time high late July.

So from what you're hearing, is the conflict pushing companies to double down or decarbonizing at home? Or is it again, as you mentioned, a bit more of a holistic approach?

So going to you, Kelly, first of all, is the Dangote Refinery up and running? What products is it producing and where are they going?

We enjoy speaking about this refinery at length on this podcast because it is a facility that really shook up the global market when it came online in twenty twenty-four.

And really the timing of this for Nigeria has been quite fortunate in that the refinery reached its full nameplate capacity for the first time in February this year, according to its management.

So it's put them in a relatively cushioned position relative to a lot of the rest of West Africa and even the entire sub-Saharan African region having this capacity at home.

And the point of this project was to make Nigeria self-sufficient for its fuel, or at least offset some of the import dependence that it's historically had on Europe.

And the figures are backing that up.

So looking at some of the data that's come from the regulator in recent months, the NMDPRA, or the Nigerian Midstream and Downstream Regulatory Authority, said last month that the refinery operated an average utilization rate of something like seventy-eight percent, served sixty-five percent of Nigeria's domestic gasoline demand.

You know, South Africa, East Africa, a lot of their refined product imports come from the Middle East predominantly, right? So is some of the supply from West Africa making its way around the Cape to East Africa as well, Kelly?