By Omoniyi David
India’s state-owned refiners are increasing purchases of Nigerian crude even as the $20 billion Dangote Refinery in Lagos sources most of its feedstock from the United States; an irony not lost on industry observers.
According to Reuters, Indian Oil Corporation (IOC), recently bought one million barrels of Agbami crude for September via trader Trafigura, part of a wider strategy to secure millions of barrels from non-Russian suppliers.
Bharat Petroleum Corporation Ltd (BPCL), has also lined up one million barrels for September and October deliveries through direct negotiations.
Meanwhile, the Dangote Refinery; Africa’s largest imported around 10 million barrels of crude in July alone, with U.S. oil dominating despite its crude-for-naira deal with the Federal Government.
The shift in India’s buying pattern follows U.S. pressure to curb Russian imports, which had surged after Moscow’s 2022 invasion of Ukraine.
Talks with American officials, including former President Donald Trump, prompted Indian refiners to scale back discounted Russian purchases in late July.
In total, over two million barrels of Nigerian crude are expected to arrive in India between September and October.
