North Sea crude oil loadings set to tumble to thirteen-year low in May

Oil

Exports of the five North sea crude oil grades which make up the Dated Brent benchmark are due to plummet by 141K b/d (or 18%) m-o-m and 269K b/d (or 30%) y-o-y to 639K b/d in May, the lowest level in thirteen years, Energy Intelligence reports. Exports of Forties crude are expected to account for the majority of this decline, falling by 125K b/d m-o-m and 213K b/d y-o-y to 135K b/d due to the planned closure of the 105 mile Forties Pipeline System from May 27 to June 16. Loadings of both the Ekofisk and Oseberg grades are also set to decrease by 28K b/d m-o-m to 252K b/d and 23K b/d m-o-m to 77K b/d respectively. Despite being scheduled to fall by 39K b/d y-o-y, exports of Troll crude are set to rise by 36K b/d m-o-m to 116K b/d as April volumes were suppressed due to ongoing maintenance.