Oil & Gas

Nigeria's 650,000-barrel-per-day Dangote refinery has imported 2 million barrels of crude oil from ADNOC in the United Arab Emirates, marking its first-ever purchase of UAE crude, according to traders.

The imports come as weaker global crude markets and improved shipping through the Strait of Hormuz after the U.S.-Iran ceasefire have increased the availability of Middle Eastern crude beyond Asia.

Traders said Dangote received one cargo of Umm Lulu crude and another cargo of either Das or Murban crude in June. While the refinery declined to comment, ADNOC had not responded to Reuters' request for comment.

Although the refinery receives five to seven cargoes of Nigerian crude each month from NNPC, it needs 13 to 15 cargoes to operate at full capacity. It has also diversified its supply by importing up to 65,000 barrels per day of Libyan crude in May, according to Kpler data.