Nigeria's Dangote oil refinery extends WTI buying spree into July
Nigeria's Dangote oil refinery will import at least 5 MMbbl of U.S. WTI crude oil in July, three trading sources said, extending its buying spree after a potential record tally for June.
The giant new 650,000-bpd 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.
Final totals for the month could change should the refinery make more purchases.
The buying spree highlights the increasing competition oil exporters face as the OPEC+ producer group increases output, with U.S. crudes struggling to compete in Asia against a six-month low in spot premiums for UAE Murban crude, traders said.
Commodity trader Vitol supplied 2 MMbbl for July delivery in the latest Dangote tender, Azeri state-owned Socar another 2 MMbbl, and miner and trader Glencore sold the remaining 1 MMbbl, the sources said.
Vitol did not immediately respond to a request for comment on the tender result, while Socar and Glencore declined to comment.
The sellers of the 9 MMbbl Dangote was to have bought for June arrival in an earlier tender were not confirmed. Tender details are not made public.
Dangote's previous record for U.S. crude imports was 173,000 bpd in April, data from global shipping analytics firm Kpler show.
"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.
The Dangote refinery's crude diet comprises mainly Nigerian grades, though it has been purchasing WTI semi-regularly since March 2024, according to Kpler. In 2025, it has also bought spot cargoes from Angola, Equatorial Guinea, Algeria and Brazil, the data show.
The refinery is expected to operate at reduced rates through to October due to a series of issues in recent months, according to industry monitor IIR.
The refinery is now ramping up toward 85% operating capacity, a spokesperson for the refinery said. It had been running at around 80% since mid-March, IIR said.
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