Dangote Petroleum Refinery’s surging appetite for Nigerian crude is transforming the country’s oil market, tightening available supplies and pushing export premiums to multi-month highs, offering Africa’s largest oil producer a rare cushion at a moment when global energy demand remains clouded by geopolitical uncertainty.
The Lekki-based facility processed more than 16 million barrels of Nigerian crude in June, equivalent to roughly 526,000 barrels per day, according to tanker-tracking data compiled by Bloomberg.
That figure represents a substantial portion of the refinery’s recently expanded 700,000-barrel-per-day nameplate capacity, and traders say the buying activity has effectively redrawn the competitive landscape for West African crude grades.
Sellers of Nigerian crude are already reaping the rewards. Cargoes of Bonga, Escravos and Bonny Light crude destined for July loading are being offered at premiums of between $5.50 and $7 per barrel above the Dated Brent benchmark, as much as $2 per barrel above the levels
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