Dangote Refinery to import 5 million barrels of US crude in July 

The Dangote Oil Refinery is poised to bring in at least five million barrels of U.S. West Texas Intermediate (WTI) crude in July, continuing a strong buying trend that could make June a record-setting month for American crude imports.

A report published Friday on the Reuters website indicated that the refinery has recently concluded tender processes to acquire approximately 161,000 barrels per day (bpd) of WTI crude for delivery in July.

This latest deal builds on previous purchases covering June deliveries, totaling about 300,000 bpd — the highest monthly volume of WTI ever arranged by the facility.

“Nigeria’s Dangote oil refinery will import at least five million barrels of U.S. WTI crude oil in July, three trading sources told Reuters, extending its buying spree after a potential record tally for June.“The giant new 650,000 barrel per day capacity oil refinery is set to import around 161,000 bpd of WTI in July after awarding tenders in recent days, the sources said, off the back of a record 300,000 bpd booked in its June tenders,” the Reuters report stated.

Located in Lagos, the 650,000 bpd-capacity refinery has increasingly turned to international crude sources to sustain operations.

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

According to Reuters, citing three trading sources, Vitol is expected to deliver two million barrels of the July shipment, Socar — Azerbaijan’s state oil company — will supply another two million barrels, and Glencore will handle the remaining one million. The total volume may rise if the refinery secures additional spot cargoes.

While Nigerian crude remains the refinery’s core feedstock, Dangote has broadened its sourcing since March 2024, bringing in WTI as well as cargoes from Angola, Algeria, Equatorial Guinea, and Brazil.

Shipping data from analytics firm Kpler shows the plant’s previous record for U.S. imports was in April at 173,000 bpd.

The increased reliance on American crude comes amid evolving global oil trade patterns. The report noted that traders say WTI is currently struggling to compete in Asian markets, where spot premiums for the UAE’s Murban crude have recently fallen to a six-month low. With Asian demand tightening, exporters are now looking toward African refineries like Dangote as alternative destinations.

Industry monitoring group IIR reported that the refinery has been operating at approximately 80% capacity since mid-March and is projected to ramp up to 85% by October.

While details on suppliers for the expected nine million barrels of June deliveries were not disclosed, Reuters said this is common as tender outcomes are typically kept confidential.