North Sea Crude Exports to Increase 10% in December
Crude shipments of North Sea grades are estimated to increase 10% month-to-month in December, to roughly 2.16 million barrels per day (MMBPD), the highest volume since May 2012, according to data compiled by Bloomberg.
The reported noted that if the cargoes load as planned, the market would see an increase just from September, a month marked with field maintenance, of nearly 360,000 barrels a day (BPD).
Brent crude shipments are expected to slow in December due to maintenance at a platform north of Scotland, but exports of other grades are set to increase, Bloombergsaid. “At least 25 shipments from the UK’s Forties field are now scheduled for December, the most since February 2011,” it added.
New inflows to the struggling oversupplied market would add more pressure to OPEC’s challenge to speed up a re-balance, Kallanish Energy learns. The group will meet in Vienna on Nov. 30, to finalize a deal to cap production in a range of 32.5-33 MMBPD.
Brent crude futures for January contracts were trading at $45.66 a barrel at 12.18 p.m. (EST) on Monday, while WTI crude for December was trading at $ 44.37/Bbl.
Source: Kallanish Energy
