N Sea benchmark crude loadings at one-year low in Aug

Combined loadings of Brent, Forties, Ekofisk, Oseberg and Troll crudes, five of the six North Sea benchmark grades, will decline to 565,000 b/d in August, 14pc lower than in July and 19pc down from August last year.

This is the lowest monthly export programme since June 2022, when combined benchmark loadings were cut by maintenance at Ekofisk.

This year's decline will be driven by lower exports of Ekofisk, Troll and Forties, while loadings of Brent and Oseberg will be steady on the month. Forties output was forecast to hit a two-year low in August, probably because of turnarounds at fields other than Buzzard, the biggest contributing field to the blend.

US grade WTI has joined the Dated basket as the sixth benchmark grade effective from June this year, but no loading programmes are published for the crude.

Exports of Norwegian medium sour Johan Sverdrup crude, the largest stream in the North Sea, will increase by 3pc in August to a record of 774,000 b/d, above the recently increased capacity of 755,000 b/d ― although no deferrals are planned from July. August exports of Asgard condensate and light sweet Gullfaks and Statfjord will be boosted by one deferral from July each.

No Flotta Gold will load in August, for the first time in nine years.

By Lina Bulyk

North Sea August crude exports 000bl Grade Exports &#177;% month-on-month &#177;% year-on-year Benchmark grades Brent 45 0 17 Forties 135 -25 -22 Oseberg 68 0 -13 Ekofisk 226 -9 -22 Troll 90 -20 -22 Non-benchmark grades Asgard 63 0 -25 Grane 163 2 5 Statfjord 79 207 53 Gullfaks 203 13 13 Flotta 0 -100 -100 Johan Sverdrup 774 3 60 Source: Loading programmes

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