Latest news with #SaharanBlend
Business Insider
9 hours ago
- Business
- Business Insider
Dangote's growing reliance on U.S. crude tied to Nigeria's supply failures
Aliko Dangote, President of the Dangote Group, says his refinery is increasingly depending on crude oil imports from the United States due to Nigeria's failure to meet domestic supply commitments. Aliko Dangote states his refinery increasingly relies on U.S. crude imports due to Nigerian supply challenges. Despite being Africa's largest oil producer, Nigeria has struggled to meet domestic crude supply commitments. The Dangote Refinery has diversified its sources, importing crude grades from the U.S., Angola, and Algeria. Despite being Africa's largest oil producer, Nigeria has struggled to consistently provide crude feedstock to the 650,000-barrel-per-day Dangote Petroleum Refinery, forcing it to look abroad to sustain operations. The Dangote Refinery recently hosted Mrs. Maureen Ogbonna, Coordinator of the Technical Committee of the One-Stop Shop for the Sale of Crude and Refined Products in Naira initiative, during an official visit to the facility. Ogbonna, who led a delegation to the refinery, described it as ' a breath of fresh air ' with a transformative impact across virtually every sector of the Nigerian economy. While applauding the technical committee's role in supporting President Bola Tinubu's naira-for-crude initiative, Aliko Dangote praised the policy's positive effect on the economy. He noted that the crude-for-naira swap deal has helped lower petroleum product prices, reduced pressure on the U.S. dollar, and contributed to stabilizing the local currency. However, Dangote acknowledged that due to ongoing shortages of domestic crude oil, the refinery has increasingly had to rely on imports from the United States in recent months to sustain operations. As a result, U.S. suppliers have become a key fallback, highlighting both Nigeria's supply gaps and the growing role of international markets in sustaining one of Africa's largest energy investments. Dangote's dependence on foreign crude According to the National Bureau of Statistics (NBS), Nigeria spent ₦1.19 trillion on crude oil imports in the first quarter of 2025, making it the country's third most imported commodity during the period—despite being Africa's top oil producer. The contradiction highlights persistent supply gaps to local refineries, especially the Dangote Petroleum Refinery. Findings show that the Dangote Refinery is projected to import 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered over the past two months, amid ongoing allocations under the Federal Government's naira-for-crude policy. As of March 2025, the refinery had received over three million barrels of U.S. crude in a single month, according to Bloomberg. Beyond American crude, the refinery has diversified its sources by importing Angola's Pazflor grade and Algeria's Saharan Blend, both supplied by Glencore Plc.
Shafaq News
20-04-2025
- Business
- Shafaq News
OPEC: Iraq posts third-highest Arab crude price
Shafaq News/ Iraq ranked third among Arab OPEC producers for the highest crude export price in March 2025. OPEC data showed that the average price of a barrel of Iraqi crude reached $73.82, placing it behind Saudi Arabia and Kuwait. Saudi Arabia's Arab Light crude topped the list at $76.07 per barrel, followed by Kuwait's crude at $75.36. Algeria's Saharan Blend came in fourth with an average price of $72.84, while the UAE's Murban crude followed closely at $72.63. Libya's Es Sider crude ranked sixth at $71.19.
Shafaq News
13-03-2025
- Business
- Shafaq News
Iraq's Basrah Medium: 5th priciest OPEC crude in February 2025
Shafaq News / Iraq ranked fifth among the most expensive Arab crude oils within OPEC in February 2025, the Organization of the Petroleum Exporting Countries (OPEC) reported. In its monthly report, OPEC stated that Iraq's Basrah Medium average price stood at $75.73 per barrel, compared to an average of $77.98 per barrel in January 2025. The report also noted that Saudi Arabia's Arab Light crude topped the list at $78.59 per barrel, followed by Kuwait's crude at $78.16. The UAE's Murban crude ranked third at $77.62, while Algeria's Saharan Blend stood fourth at $76.06. Additionally, Libya's Es Sider crude came in sixth, averaging $73.96 per barrel. The average price of Arab crude oils in February 2025 fell to $76.68 per barrel, down from $79.56 in January, the report indicated. Notably, Iraq exports 60% of its crude oil to Asia, 25% to Europe, and 15% to the US.
Bloomberg
11-03-2025
- Business
- Bloomberg
Dangote Buys More Foreign Oil as Nigerian Mega-Refinery Ramps Up
Nigeria's Dangote refinery is drawing feedstock from across the world to add to its domestic deliveries as the mega-plant gradually ramps up, altering the region's import and export outlook. It has taken delivery of more than three million barrels of American crude since the start of the month. The refinery has also made purchases closer home, importing a shipment of Angola's Pazflor grade and a cargo of Algeria's Saharan Blend from Glencore Plc in recent weeks.
Saba Yemen
09-03-2025
- Business
- Saba Yemen
Rare Algerian oil shipment heads to European country for first time in 7 years
Algeria - Saba: A unique Algerian oil shipment has made its presence felt on the February 2025 export map, as it is the first in 7 years. Exports of Algerian Saharan Blend crude oil recorded an increase last month, in a rebound from the level of exports last January, which was the lowest in more than two years. According to the oil shipments database at the Energy Platform, Algerian crude exports increased by a third last month. The export estimate came a few days after the disclosure of a huge shipment of up to one million barrels of Algerian crude to the largest refineries in Africa, for loading during the current month of March. A rare Algerian oil shipment Saharan Blend crude exports last February included a rare Algerian oil shipment to Ireland. The rare shipment from Algeria to the European country is the first of its kind since June 2018, although the data did not detail the size of the shipment. Total exports of Saharan Blend crude last month were about 445,000 barrels per day (bpd), up 31% month-on-month. These volumes are up from January's exports of light sweet crude, which amounted to 341,000 bpd, the lowest since November 2022. Overall, Algeria's oil exports increased by 7% in 2024, as it shipped 778,000 bpd of crude and derivatives by sea, up from 729,000 bpd the year before. South Korea was the largest importer of Algerian seaborne shipments, with about 120,000 bpd, followed by France, with about 103,000 bpd. Algerian Saharan Blend Crude Exports The destination of Algerian Saharan Blend crude exports changed in February, with an increase to European and Asian markets, while shipments to the Americas decreased. Europe and the Mediterranean Algeria shipped 348,000 barrels per day of Saharan Blend crude to northwestern Europe and the Mediterranean, up 26% month-on-month. France captured a third of the exports, with Algerian shipments recording 111,000 barrels per day. In addition, a rare Algerian oil shipment to Ireland was added, according to shipping data monitored by Argus Media, an energy platform. Asia-Pacific During the past month, Saharan Blend crude exports to countries in Asia-Pacific increased by 86% month-on-month. Exports averaged 72,000 barrels per day, following the loading of a shipment to South Korea containing 2 million barrels. Americas In contrast to higher shipments to Europe and Asia, Algerian crude exports to the Americas fell last month. Exports reached 25,000 barrels per day, down 3%.
