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Norway’s Deep Cuts to Oil Loadings to Curb Atlantic Basin Crude

  • Loading plans released so far indicate drop in September flow
  • Russia, Kazakhstan shipments net yet released for next month
Employees work aboard a rig off the coast of Stavanger, Norway.

Employees work aboard a rig off the coast of Stavanger, Norway.

Photographer: Carina Johansen/Bloomberg

Norway may not officially be part of the OPEC+ alliance to curb oil supply in the face of the coronavirus pandemic, but next month it looks like the Scandinavian country will do its bit toward helping the producer alliance to avert a global glut of crude.

Norway’s main oil loadings will drop by 261,000 barrels a day in September, according to shipping schedules seen by Bloomberg. The nation’s giant new Johan Sverdrup grade will account for about two-thirds of the slump in cargoes. That makes the country by far the biggest contributor to a month-on-month drop in exports from producers in the Atlantic Basin who have so far released their advance cargo-loading programs.