Dangote refinery is preparing to import crude from the US in the forthcoming months, signalling the increasing competitiveness of American barrels in the global market.
This is according to reports from Bloomberg.
Traders’ familiar with the matter disclosed that Trafigura Group has sold 2 million barrels of WTI Midland to the Dangote refinery for delivery by the end of February. This marks the first time the refinery buying non-Nigerian crude.
The exponential growth in US oil supply over the past decade has reshaped the global market, extending its influence to regions like Asia. Nigeria, whose economy heavily relies on petroleum exports, is particularly impacted by these transatlantic deliveries.
https://www.bloomberg.com/news/articles/2024-01-29/nigeria-s-mega-refinery-turns-to-us-oil-as-ramp-up-gathers-pace
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