Latest news with #oilImports
Bloomberg
15-07-2025
- Business
- Bloomberg
Trump's Russia Threat Puts Focus on Oil Buyers India and China
President Donald Trump's threat to impose financial penalties on Russia has put the spotlight on the two biggest buyers of Moscow's crude — India and China — but markets remain skeptical of disruption, for now. India became a major importer of Russian oil since the invasion of Ukraine in early 2022. More than a third of overall purchases have been from the OPEC+ producer this year, compared with less than 1% prior to the war, according to data from Kpler. China's imports have also climbed over the same period.
Bloomberg
08-07-2025
- Business
- Bloomberg
Dangote Refinery Expects to Process 100% Nigerian Crude by Year End
Dangote Industries Ltd. expects Africa's biggest refinery to rely totally on Nigerian crude by the end of the year, a move that would replace hundreds of thousands of barrels a day of imported oil. The plant owned by Aliko Dangote, the continent's richest person, received about half of its crude in June from local producers who will be able to sell more to the facility as their foreign supply obligations end, according to Devakumar Edwin, vice president at Dangote Industries, who oversees the 650,000 barrel-a-day plant outside Lagos.
CNA
24-06-2025
- Business
- CNA
Israel-Iran conflict: Concerns over impact of ceasefire uncertainty on India's oil imports
In India, concerns over the impact of the Israel-Iran conflict on oil imports and uncertainty over the ceasefire are already spilling over to consumers. Ishan Garg reports from New Delhi.
Reuters
22-06-2025
- Business
- Reuters
India pledges to secure fuel supply amid Middle East turmoil
NEW DELHI, June 22 (Reuters) - India will take measures to safeguard domestic fuel supplies amid rising tensions in the Middle East following U.S. and Israeli attacks on Iran's nuclear sites, oil minister Hardeep Singh Puri said on Sunday. India, the world's third biggest oil importer and consumer, has diversified its crude import sources over the last few years, reducing its dependence on the Strait of Hormuz. It gets less than half of its average 4.8 million barrels per day of oil imports from the Middle East. "We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks... we have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now," Puri said on social media platform X. Investors and energy markets have been on high alert since Israel launched airstrikes across Iran on June 13, fearing disruption to oil and gas flows out of the Middle East, particularly through the Strait of Hormuz. Iran has long used the threat of closing the Strait, through which around 20% of global oil and gas demand flows, as a way to ward off Western pressure which is now at its peak after Washington carried out strikes on Iranian nuclear sites. "Our Oil Marketing Companies have supplies of several weeks and continue to receive energy supplies from several routes. We will take all necessary steps to ensure stability of supplies of fuel to our citizens," Puri said.
Zawya
20-06-2025
- Business
- Zawya
Nigeria: Dangote blames shortage of domestic crude oil for reliance on imports from US
The President of Dangote Group, Alhaji Aliko Dangote, has blamed shortage of domestic crude oil for the major reason Dangote refinery increasingly relied on imports from the United States to meet its needs in recent months. Dangote stated this during the tour of the facility by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative. He applauded the technical committee for its role in supporting the implementation of President Tinubu's laudable Naira-for-Crude initiative. He also commended the positive impact of the naira-for-crude swap deal on the Nigerian economy, noting that it has led to a reduction in petroleum product prices, eased pressure on the dollar, and ensured the stability of the local currency, among others. However, he noted in a statement: 'Due to a shortage of domestic crude oil, the refinery has increasingly relied on imports from the United States to meet its needs in recent months.' He stressed the importance of bold investment in strategic sectors as a key to industrialisation, revealing that building the refinery required extensive infrastructure development, including a world-class, self-sufficient marine facility capable of accommodating the largest vessels globally. He assured the delegation of the refinery's commitment to national development. Designed to process a wide range of crude types, including African and Middle Eastern grades as well as US Light Tight Oil, the refinery has the capacity to meet 100 per cent of Nigeria's domestic demand for petrol, diesel, kerosene and aviation jet fuel, with a surplus available for export. The $20 billion Dangote Petroleum Refinery & Petrochemicals was described as 'a symbol of industrial revolution, driving Nigeria's economic emancipation' by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative during the tour of the facility on Tuesday. Coordinator of the OSS Technical Committee, Mrs Maureen Ogbonna, who led the delegation, described the refinery as a breath of fresh air, impacting virtually every sector of the economy. 'This refinery touches all our lives. There's scarcely any sector unaffected. From pharmaceuticals to construction, food to plastics, this project is transformational. God has used the President of the Dangote Group to liberate Nigeria. I see this as the beginning of an industrial revolution,' she said. Noting that, in line with President Bola Tinubu's vision of achieving full domestic sufficiency in petroleum products and positioning Nigeria as a major global exporter, the committee is committed to eliminating regulatory, operational and logistical barriers that hinder the smooth supply and sale of domestic crude oil and refined products in naira. Reflecting on the scale and sophistication of the facility, Ogbonna, who had visited during construction and more recently alongside the leadership of the Nigerian Ports Authority, expressed continued awe at its execution. 'It is truly mind-blowing that one man could envision and execute such a project. As we toured the refinery, we thought we had seen everything until we reached the laboratory. That lab alone is an institution. I don't know of any institution in Nigeria or even globally that boasts such a laboratory for petrochemical,' she said. Applauding the engineering feat, Ogbonna urged Dangote to remain focused and undeterred by detractors, emphasising that the project is a global achievement, not a personal enterprise. 'We feel truly honoured to have been warmly received by the President of the Dangote Group and his team. My advice to him is: do not be discouraged by critics. He was never self-centred. Despite the obstacles, he was driven by a vision for Nigeria's future, reaching far beyond Africa,' she added. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
