North Sea benchmark crude loadings to slow

Loadings of the North Sea's benchmark crude grades will drop by 3pc in July, although they will still be above the 2019 average.

Combined loadings of Brent, Forties, Oseberg, Ekofisk and Troll will average 871,000 b/d in July, down from the 900,000 b/d scheduled for next month. Increased loadings of Brent, Forties and Troll will offset a slowdown in loadings of Oseberg and Ekofisk.

Loadings of Forties crude in July are scheduled to rise by 10pc from June to 329,000 b/d, a four-month high and 15pc above last year's average. Brent loadings will climb by 21pc to 97,000 b/d — the highest of the year to date.

Troll loadings in July will be 13pc higher than in June at 135,000 b/d after one of June's cargoes was deferred to July.

But Oseberg's loadings will slow by 19pc to 97,000 b/d while loadings of Ekofisk crude will be 24pc lower in July than in June at just 213,000 b/d, a 13-month low.

by Michael Carolan