Nigeria's Dangote refinery continues WTI buying spree in July
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, continuing its buying spree after a potential record tally in June.
The giant new 650,000 barrel per day (bpd) capacity oil refinery is set to import around 161,000 barrels 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 six-month low in spot premiums for UAE Murban crude, traders said.
Commodity trader Vitol supplied a two million barrels for July delivery in the latest Dangote tender, Azeri state-owned Socar another two million barrels, and miner and trader Glencore (GLEN.L), opens new tab sold the remaining one million barrels, the sources said.
The Dangote refinery, Vitol and Socar did not immediately respond to Reuters' request for comment on the tender result, while Glencore declined to comment.
The sellers of the nine million barrels Dangote was heard 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.
The Dangote refinery's crude diet comprises mainly Nigerian grades, though it has been purchasing semi-regularly WTI 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 towards 85% operating capacity, a spokesperson for the refinery told Reuters. It had been running at around 80% since mid-March, IIR said.
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