Africa’s wealthiest man further noted that the domestic crude oil supply issues in Nigeria were being resolved by the parties involved.

The statement said the refinery has already affected crude flows, with dozens of Nigerian cargoes remaining in-country and US WTI Midland, a comparable light, sweet grade, being imported. It said the mega-refinery could therefore tighten the light, sweet crude market.

“Its diet is WTI and the lighter Nigerian (crudes) so if you were chasing those barrels you’d probably feel it quite keenly,” the statement stated that a West African crude trader told Commodity Insights.

It said WTI Midland crude initially emerged as the favoured feedstock to supplement Nigerian supply, with the refinery signing long-term supply contracts for the US grade and noting its competitive pricing.

It stated that crude flows in and out of the Dangote refinery have been felt in other markets, especially in Europe, the largest consumer of light, sweet Nigerian crude.

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