According to a document seen by Reuters, the Dangote refinery is searching for millions of barrels of U.S crude oil.
The 650,000-barrel-a-day refinery, which hopes to reach full capacity and become the continent’s largest this year or next, is looking for two million barrels of West Texas Intermediate (WTI) Midland crude per month for a year beginning in July, according to a tender document shared by two traders.
Meanwhile, Nigeria has a surplus of light sweet grades. Traders say Nigeria’s May-loading cargoes are nearly sold out, with at least 30 June cargoes available.
US benchmark, West Texas Intermediate (WTI) may not necessarily work out cheaper than a Nigerian grade, as the payment will depend on factors like the timing of the sale and the delivery of the oil, two other trade sources told Reuters.
Angola’s July programme is expected any day now, even as a number of June-loading cargoes are still on offer.
