Indian state refiners, such as Indian Oil Corporation and Bharat Petroleum, are increasingly purchasing Nigerian crude oil, with recent deals for millions of barrels for September and October deliveries, shifting away from Russian crude due to U.S. pressure.
Meanwhile, Nigeria’s Dangote Petroleum Refinery, despite being Africa’s largest, is heavily reliant on U.S. crude imports, which made up 60% of its 590,000 barrels per day intake in July, while Nigerian crude accounted for only 40%.
This shift is driven by competitive pricing of U.S. crude and domestic supply challenges in Nigeria. Dangote’s crude inventories rose, and the refinery is operating at 85% capacity, aiming to increase to 700,000 barrels per day.
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