•Relief as Nigeria nears OPEC’s renegotiated 1.5m bpd quota

Dangote Refinery has ramped up its stock of imported crude oil from the United States as a second cargo as a second shipment of US light sweet crude oil was headed to Nigeria on Friday for delivery to the refinery, according to a trader and ship tracking data.

This is coming as indications emerged at the weekend that Nigeria’s efforts to raise crude oil production continued to yield results during the February circle, with output for the month rising by approximately 60,000bpd during the month.

Reuters reported that the vessel, Otis, which loaded about 850,000 barrels of WTI Midland in Houston last week, was signaling Lekki in Nigeria as its destination, according to Kpler and LSEG ship tracking.

It was estimated to reach the country around mid-March.

The vessel was chartered by Vitol, according to data sources and a trader.

The first shipment of two million barrels of US crude on the very large crude carrier, Gem No. 1, also chartered by Vitol, was nearing Nigeria and is expected to discharge next week.

The refinery, Africa’s largest with a nameplate capacity of 650,000 barrels per day, was built on a peninsula on the outskirts of the commercial capital, Lagos, by the continent’s richest man, Aliko Dangote.

The refinery began buying crude in December last year and The Nigerian National Petroleum Corporation Ltd (NNPCL) has been the main supplier.

The refinery had issued tenders to sell two fuel cargoes for export, a tender document showed and trading sources with knowledge of the matter told Reuters earlier this month.

Bloomberg had in January this year reported that Trafigura Group sold two million barrels of WTI Midland to Dangote Refinery for end-February delivery.

This is the first time that the giant refinery has purchased non-Nigerian crude, traders said.

Trafigura is a multinational commodity trading company headquartered in Singapore, with major hubs in various locations, including Geneva, Houston, Montevideo and Mumbai.

https://www.thisdaylive.com/index.php/2024/03/03/dangote-refinerys-second-crude-oil-shipment-leaves-us-for-nigeria?amp=1

We have crude oil but no functional Refinery. So we exported our crude to other Countries for refining.

We still have crude oil and now we have Dangote Refinery. bt somehow Nigeria wants to start Importing Crude oil from Other Countries.

Lolss....9ja na cruise my guyy

Wow! Glad to hear that Nigeria is finally nearing its OPEC quota and increasing oil production. This could help with the foreign exchange crisis.

i don enter our side o, omo! Na good news sha, at least we dey near OPEC quota now and e go help our economy.

Story Story...

Don't be surprised to find out Dangote has exported and sold the rumored crude oil shipment he received from NNPC.

The guy man don locate better oil business without even lighting up his refinery.

Bros Dangote got a government-backed license for official oil bunkering....lol

You can imagine a crude oil laden vessel pulling out from Dangote's jetty under the guise that it just did a delivery and heading back to base...use your tongue count your teeth...

chiiraq802:
We have crude oil but no functional Refinery. So we exported our crude to other Countries for refining.

We still have crude oil and now we have Dangote Refinery. bt somehow Nigeria wants to start Importing Crude oil from Other Countries.

Lolss....9ja na cruise my guyy

A refinery of 650,000 barrels per day needs at least 19.5 million barrels piled up. Nigeria cannot supply Dangote with that volume of crude because we have commitments and agreements to keep to.

Dangote also needs that stash so it it doesn't run out during production. The alternative is to buy and when the tanks are filled, they can start buying just the daily amount.

Don't you wonder why Dangote isn't buying from Ghana or closer countries? Because theu also have agreements to keep to

A 15 year old boy asked me last month

"But bros shebi u said one of the problems we have in Nigeria is that we had no refineries. So why is it that with Dangote refinery dollars is going high and fuel is still expensive"

Naso I begin speak English o

National disgrace....

This is definitely a sad news. I believe Nigeria would been up to task to deliver every crude oil that Mr Dangote needs, but cannot since we need dollars to pay our debt and also using same crude oil to pay debt. PEACE be unto you Nigeria!!

After selling off our crude in future contract. Even our own refineries doesn't have crude to use. We have to use scarce resources to import

The only people that understand this is Tinubu people


For me Benjamin Hundeyin was right

why are you telling us?

Waiting for the first refined product to be shipped out of the facility.

I get angry Everytime they say they are importing oil from US. like WTF man
This only means one thing; fuel price will never come down

But I think Nigeria get enough crude oil, which is the major source of income to federal government.

I beg which one be import of crude oil again?

michlins:
After selling off our crude in future contract. Even our own refineries doesn't have crude to use. We have to use scarce resources to import

This is shameful

Fuel wey dem never even drill, we don already use am borrow money with nothing to show for it.

Buhari and all his goons (especially Amaechi & Sadiya Farouq) suppose dey jail as we speak.

Mynd44:

A refinery of 650,000 barrels per day needs at least 19.5 million barrels piled up. Nigeria cannot supply Dangote with that volume of crude because we have commitments and agreements to keep to.

Dangote also needs that stash so it it doesn't run out during production. The alternative is to buy and when the tanks are filled, they can start buying just the daily amount.

Don't you wonder why Dangote isn't buying from Ghana or closer countries? Because theu also have agreements to keep to

APC government looted billions of dollars from the loan they got, the lenders(most of which are anonymous, hiding under proxies) will be paid in crude oil.

APC government has a looting agreement.

I hope they’re saying the truth

Dangote refinery will not bring down the price of petroleum products,all the noise about Dangote refinery is just propaganda and false hope

Every since the news of the completion of the refinery they have not sold any product to nigeria market

The refinery is just another Dangote business venture just like cement,sugar and other,it’s not in the interests of nigeria but Dangote and his gang

The only difference is that large percent of the money from raise but directly and indirectly , legal or illegal from our commonwealth

Na dem sabi, 9ja matter don tire me

chiiraq802:
We have crude oil but no functional Refinery. So we exported our crude to other Countries for refining.

We still have crude oil and now we have Dangote Refinery. bt somehow Nigeria wants to start Importing Crude oil from Other Countries.

Lolss....9ja na cruise my guyy

Why not simply ask people to educate you on why Dangote had to import crude that Nigeria has?

Nigeria government don use our past, present and future oil collect debt, a debt we have nothing to show for it. Now Dangote have to buy what we in abundance from foreign land.

Practically meaning dangote refinery have zero impact in reducing oil price in Nigeria... It's just another business empire.

Ignorant people wanting to comment!

Continue to gaslight your country!

Can we supply Dangote consistently?

Good news.

Arobaga:
As if we raw or felt the impact of the first crude import




Very useless billionaire

a billionaire in dollar is useless? Bros e be like say poverty na generational curse fo your family oooo

chiiraq802:
We have crude oil but no functional Refinery. So we exported our crude to other Countries for refining.

We still have crude oil and now we have Dangote Refinery. bt somehow Nigeria wants to start Importing Crude oil from Other Countries.

Lolss....9ja na cruise my guyy

Dangote is strictly a business man... I laugh at people who think fuel will become cheaper because a monopolist opened a refinery.. Dangote is in it for maximum gain, nothing less

Mynd44:

A refinery of 650,000 barrels per day needs at least 19.5 million barrels piled up. Nigeria cannot supply Dangote with that volume of crude because we have commitments and agreements to keep to.

Dangote also needs that stash so it it doesn't run out during production. The alternative is to buy and when the tanks are filled, they can start buying just the daily amount.

Don't you wonder why Dangote isn't buying from Ghana or closer countries? Because theu also have agreements to keep to

Uncle please tell us a story.
Story tellers
Dangote importing cheap crude that has over 90% Sulphur. They import bent crude to Nigeria while Nigeria export light crude or sweet crude that's Sulphur free to US

Satazaa:
a billionaire in dollar is useless? Bros e be like say poverty na generational curse fo your family oooo

That guy doesn't know anything. Pardon his ignorance