Norwegian crude oil exports decline in December

Oil

Norwegian crude oil exports declined by around 60K b/d (or 4%) m-o-m to 1.51M b/d in December, with loadings to the Mediterranean and Europe tumbling as renewed coronavirus lockdown measures slash oil demand and amidst rising Libyan exports, according to Argus reporting on official customs data. Norway exported an average of 1.48M b/d during 2020, which is an increase of around 20% y-o-y, as loadings were boosted by the Johan Sverdrup field which came online toward the end of 2019.