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OIL
Johan Sverdrup loadings are set to increase to record levels of 587kbpd in November compared to an average of 500kbpd in Jan-Sep.
- Johan Sverdrup crude is considered a good replacement to Russian Urals for European refiners as they reduce Russian imports ahead of the EU ban on Russian seaborne crude on Dec 5. Europe still imported 840kbpd of Russian Urals last month according to Bloomberg.
- Johan Sverdrup production is expected to increase further in the coming months with the start of phase two production in Q4. Production will increase to about 755kbpd according to chief executive officer of Lundin Energy earlier this year.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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