Dangote Refinery to continue importing crude oil from US in July — Report

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4 weeks ago

Nigeria’s Dangote Oil Refinery will import at least five million barrels of US WTI crude in July, three trading sources told Reuters, extending its buying spree after a potential record tally for June.

The 650,000-barrel-per-day refinery is set to bring in around 161,000 bpd of WTI in July, following recent tender awards, the sources said—up from a record 300,000 bpd booked for June. Final totals could yet rise if further purchases are made.

Traders note the spree underscores mounting competition as OPEC+ lifts output, with US crudes struggling to compete in Asia against a six-month low in spot premiums for UAE Murban crude.

“Vitol supplied two million barrels for July delivery in the latest Dangote tender, Azeri state-owned Socar another two million barrels, and miner and trader Glencore sold the remaining one million barrels,” the sources said.

Vitol did not respond to requests for comment, while Socar and Glencore declined to comment.

The sellers of the nine million barrels Dangote sought for June delivery were not confirmed; tender details are not disclosed. Kpler data show Dangote’s previous record for US imports was 173,000 bpd in April.

“We can take only what they are giving to us from Nigeria, this is a known fact. We have to import the rest,” said Edwin Devakumar, head of the Dangote Oil Refinery.

Although its crude diet remains mainly Nigerian grades, the refinery has been purchasing WTI semi-regularly since March 2024. In 2025 it has also bought spot cargoes from Angola, Equatorial Guinea, Algeria, and Brazil, Kpler data show.

Industry monitor IIR warns the refinery will operate at reduced rates through October due to recent issues. A refinery spokesperson told Reuters it is now ramping up toward “85% operating capacity,” after running at around 80% since mid-March.

(Reuters)