The global oil market has been significantly transformed by the exponential growth in US oil supply over the past decade. According to a recent report by Bloomberg, Dangote Refinery is planning to import crude oil from the United States in the coming months. This move might be due to the NNPC’s inability to fulfill its commitment to supply crude to the Dangote refinery.
Traders familiar with the matter have revealed 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 that the refinery has purchased non-Nigerian crude. As Nigeria’s economy heavily relies on petroleum exports, it is particularly impacted by these transatlantic deliveries.