LONDON, May 30 (Reuters) - 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.
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 two million barrels for July
delivery in the latest Dangote tender, Azeri state-owned Socar
another two million barrels, and miner and trader Glencore ( GLCNF )
sold the remaining one million barrels, the sources
said.
Vitol did not immediately respond to a Reuters request for
comment on the tender result, while Socar and Glencore ( GLCNF ) declined
to comment.
The sellers of the nine million barrels Dangote was to have
bought for June arrival in an earlier tender were not confirmed
by Reuters. 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 told Reuters. It had
been running at around 80% since mid-March, IIR said.