Nigerian Crude Deliveries to Dangote Refinery Hit Record 6.9 Million Barrels in May, Set for 9 Million in June

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Nigerian Crude Deliveries to Dangote Refinery Reach Record High

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Nigerian crude oil deliveries to the Dangote refinery surged to a record high of 6.9 million barrels in May, with expectations to reach 9 million barrels in June, according to data from S&P Global Commodities at Sea.

Of the 53 crude oil cargoes delivered to the refinery, 38 originated from Nigeria, with 17 shipped by the NNPC, seven by Shell, and four by Chevron.

TotalEnergies, which had announced a supply deal with Dangote at the Africa CEO Forum in May, delivered one cargo of Amenam crude in April but has not made further deliveries since.

Supply and Consumption

NNPC, holding a 20% equity stake in Dangote, was initially expected to be the primary supplier of crude to the refinery. However, the refinery’s leadership has expressed concerns over the consistency of this supply. “If we have 100% Nigerian crude, then that’s fine, but we can’t wait, because sometimes production is up and down,” said Aliko Dangote, the refinery’s owner, at the Africa CEO Forum in May.

In December 2023, the refinery received 6 million barrels of crude oil from NNPC but has since sought an additional 2 million barrels per month from the US to ensure a stable supply.

When asked about Dangote’s comments, an NNPC spokesperson referred S&P Global Commodity Insights to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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