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OIL
North Sea Crude Loadings in December are set to hit a more than two-year high, helping to boost non-OPEC+ oil supplies to the market, according to Bloomberg.
- Shipments of the 13 main North Sea crude grades from the UK, Norway and Denmark are forecasted at 2.08m b/d in December, the highest since October 2021.
- One minor loading plan is still waiting for release, Bloomberg said.
- While North Sea loadings are far below their levels seen decades ago, amid diminishing supplies, the boost in exports will help to add supply to a tight global market.
- Other non-OPEC producers such as the USA and Brazil have also been hitting record supplies.US crude production was a record high of 13.05m b/d in August.
- The North Sea loadings have risen due to strong production from existing fields, such as the Johan Sverdrup well, and the startup of new fields.
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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