Korean Oil Buyers to Halt North Sea Price Slide: Energy Markets
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South Korean tax-free purchases of North Sea Forties crude are poised to stem the slide in prices as the supply of Western Europe’s most abundant oil jumps to the highest level in almost a year.
The flow of oil to the Asian nation will keep Forties at a premium to Dated Brent, the global benchmark grade, for the next two months, all but three of 10 traders and analysts surveyed this week by Bloomberg News said. The spread has dropped 59 percent since reaching an 11-month high on Jan. 9. Production in February will climb to 407,143 barrels a day, the most since March, a loading schedule obtained by Bloomberg News showed.