LONDON — West Africa’s biggest oil exports to Asia in almost two years are threatened by competing Russian supply and new refineries capable of processing cheaper crude from the Middle East.Shipments from West Africa to Asia will average 1.92-million barrels a day next month, the most since February last year, according to estimates by seven traders and an analysis of loading schedules obtained by Bloomberg News. The surge shows how Nigeria and its neighbours are succeeding in finding new markets after a slump in sales to the US, where domestic output rose to the highest in almost a quarter century.West Africa’s expanding sales to Asia are already under threat. Russia is moving closer to making China its biggest market after Rosneft, the country’s largest producer, agreed to supply Chinese buyers for as long as 25 years. The new refineries being built in Asia can handle the heavier and cheaper crude grades shipped from the Middle East, potentially displacing demand for the lighter a...
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