Johan Sverdrup crude exports to hit new record in April

Exports of the North Sea's largest crude stream Johan Sverdrup are scheduled to hit a new high in April.

A total of 18 cargoes of the Norwegian grade are due to load, including three VLCC-sized shipments and one Suezmax-sized parcel, according to the latest loading programme. At 526,000 b/d, April's loadings will be the highest since the Johan Sverdrup field started up in October 2019, 5pc higher than in March and 28pc higher than the 2020 average.

Johan Sverdrup's output is expected to continue growing this year, with Norway's state-controlled Equinor and its partners planning to increase the field's phase 1 capacity by 35,000 b/d to 535,000 b/d by the middle of the year. It will be the third rise in capacity since the field started production.

The second phase, which will lift capacity to 720,000 b/d, is due on stream in the fourth quarter of 2022.

By Riyan Zerrouki