Quick overview

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Dangote oil refinery plans to import at least five million barrels of WTI crude oil in July, continuing its recent buying binge following a potentially record June total.

 

The massive oil refinery is projected to import about 161,000 barrels per day of WTI in July.

This comes after the refinery booked  300,000 barrels daily in its June tenders. If the refinery makes additional purchases, the final monthly totals may vary. As the OPEC+ producer group boosts output, the buying frenzy underscores the growing competition oil exporters face.

US crudes are difficult to compete in Asia against a six-month low in spot premiums for UAE Murban crude. In the most recent Dangote tender, commodity trader Vitol provided two million barrels for delivery in July, followed by two million barrels from Azeri state-owned Socar and one million barrels sold by miner and trader Glencore

Dangote was supposed to purchase nine million barrels for this month’s arrival; The details of the tender have not been disclosed.  Global shipping analytics company Kpler reports that crude imports in April were 173,000 barrels per day.

“The remainder must be imported,” stated Edwin Devakumar, the manager of Dangote Oil Refinery. The refinery has been purchasing West Texas Intermediate (WTI) crude oil since March 2024, however, its primary crude supply consists of Nigerian grades, according to Kpler. Data shows that in 2025, the refinery also acquired spot cargoes from Brazil, Equatorial Guinea, Algeria, and Angola.

The Lagos-based refinery is projected to operate at reduced capacity through October, according to industry watchdog IIR.