Economics
Prepare for the North Sea Oil Flood
- December flow set to increase to 2.16 million barrels a day
- U.K.’s Forties field, Norway’s Grane crude driving surge
Is OPEC's Credibility Crumbling?
This article is for subscribers only.
Oil producers in the North Sea, home to one of the world’s key crude-price benchmarks, are poised to ship the most crude in more than four years. The surge takes place just as OPEC tries to contain a global surplus with coordinated output cuts.
Shipments of North Sea grades will increase 10 percent month-on-month to about 2.16 million barrels a day in December, according to data compiled by Bloomberg. If all the cargoes load as planned it would mark the most crude oil shipments from the region since May 2012. The increase just from September, when there was field maintenance, would be almost 360,000 barrels a day.