The exponential growth in US oil supply over the past decade has reshaped the global market
Dangote refinery will be importing crude oil from the United States.
This is according to a report by Bloomberg.
The report stated that Dangote Refinery is preparing to import crude from the US in the forthcoming months.
This could be due to the inability of the NNPC to fulfill its commitment to supply crude to the Dangote refinery.
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.