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Johan Sverdrup Volumes to China Rise to Highest Since Feb 2022

OIL

The highest Johan Sverdrup crude volumes since February 2022 is heading to China after Unipec bought 8m barrels of the North Sea grade to be delivered in May amid weak demand in Europe, according to Reuters sources.

  • The cargoes were purchased at about a premium of $2.50/bbl to dated Brent on a cost and freight basis.
  • Volumes of Johan Sverdrup have primarily headed to Europe over the past year as the supplies replaced missing Russian barrels. The grade is similar to Russian Urals and Omani oil.
  • Johan Sverdrup supplies will replace some Omani crude for April loading which Unipec sold during the Platts Market on Close process last month.
Energy BulletsCommodities
Energy BulletsCommodities

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