The U.S. shale boom is upending global oil markets as far as crude flows from West Africa to Europe and other parts of the world, and is squeezing in particular Nigeria’s struggling oil industry. As one of Africa’s top producers, Nigeria is contending with increasingly stiff competition from U.S. light grades on the global market in order to keep its traditional sales destinations. Moreover, Nigerian exports to the U.S. have been declining in recent years because the U.S. pumps growing amounts of comparable light crude grades. As a result, Nigeria’s crude must compete with U.S. oil—not only in America, but also in Europe and Asia. Immediate future demand for Nigerian oil is expected to hold up at least for now, as European refiners are buying more light crude to process and export to America as the driving season approaches, and as demand in Southeast Asia—India and Indonesia in particular—supports […]