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.

Paraman:
The Dangote refinery will also export refined petroleum to other countries.

TimeManager:
Can we try and be reasonable for once, everything shouldn't go by wailing and all that. What's our production per month?, we currently on 1.7mbp, do you expect we offload all our production to Dangote without selling abroad to earn FX?. Dangote and other refineries coming up would have to source crude from various buyers to augument the supply from NNPCL.

-kiss the truth!

Northernblood7:
Where are the Morons that said that the reason why their life is miserable is because Dangote refinery have not started producing? Can we all see now that Dangote refinery will end up putting more pressure on dollar making life more miserable for foolish Nigerians than they e have now?

Northernblood7:
Where are the Morons that said that the reason why their life is miserable is because Dangote refinery have not started producing? Can we all see now that Dangote refinery will end up putting more pressure on dollar making life more miserable for foolish Nigerians than they e have now?

10mobile:
Hmmm! I've always seen selling crude as bad economic practice by helpless countries that can't refine or with low refining capacity. That's because no amount seems justifiable for the numerous crude by-products sold away. So, I'm surprised US also sells crude.

No no no, not true. Even if it's only the employment that the refinery would provide, it's an advantage. No one should think that Dang's refinery is an economic magic wand that will suddenly wave off all our economic woes. But it's certainly not a disadvantage.

After all, we're already import-dependent. So, importing crude isn't what will put more pressure on the Naira. Rather, when we refine in Nigeria, we have all the by-products for local use and re-export which would help us recover any loss in forex due to import.

The situation in Nigeria is really bad. But it's certainly not all bad. Of course, it's never all bad anywhere. As we keep the government on its toes, let's also try to see the silver linings for the sake of our sanity as a people. Thanks.

kokoA:
People fail to understand that Dangote is a private business out to make profit. Only a foolish business man will depend on one source for his raw materials, if he has the capacity to refine various crude so nothing stops him from buying from wherever he chooses. If Nigeria has crude always available for him then that's a plus else's business must go on.

Are you saying that Nigeria does not have enough Crude ; . Pick up a mirrow and repeat the same sentence looking at yourself carefully as you say so

kokoA:
How Manny barrels of crude does Nigeria produce a day? How many have already been sold in advance? How many is remaining to feed local refineries?

Northernblood7:


https://www.bloomberg.com/news/articles/2024-01-29/nigeria-s-mega-refinery-turns-to-us-oil-as-ramp-up-gathers-pace

Northernblood7:


Are you saying that Nigeria does not have enough Crude ; . Pick up a mirrow and repeat the same sentence looking at yourself carefully as you say so

DeLaRue:
Some were even saying that Dangote was getting South South crude oil at cheap price.

How laughable.

Dangote refinery will buy crude from other sources if una wahala too much. He can buy from anywhere in the world. It's his business.

And he doesn't owe you a single litre of petrol. If Nigerians are not prepared to buy at market price, he will sell to countries in Africa and the rest of the world that are ready to buy.

Nigerians should face their own refineries in Port Harcourt , Warri, and Kaduna, hold their politicians to account, and leave Mr Dangote alone. He owe you nothing.

Nigerians' sense of entitlement is unrivalled in the world. Never satisfied. Always whinging and abusing.

kokoA:
How Manny barrels of crude does Nigeria produce a day? How many have already been sold in advance? How many is remaining to feed local refineries?

Northernblood7:
Where are the Morons that said that the reason why their life is miserable is because Dangote refinery have not started producing? Can we all see now that Dangote refinery will end up putting more pressure on dollar making life more miserable for foolish Nigerians than they e have now?




So Nigerians will be the ones suffering for other countries abi? Dangote buys crude oil in USD causing our currency to depreciate less than our neighbours. Neighbouring countries will then cross over to Nigeria and import our very cheap oil to them due to high currency value they have over Naira. Last last, Nigerians suffer the most.

Tinubu is not smart. This is not a curse but a fact



Shame on you Dangote needs 650k barrels only. Don't say what nobody said. You are the one saying all crude should be given to dangote not me

https://punchng.com/oil-production-now-1-7-million-barrels-daily-says-fg