N Sea benchmark crude exports up in Nov, Sverdrup down

Market: Crude oil
28/09/23

Combined loadings of the five local crude grades in the North Sea Dated basket are scheduled to increase by 7pc to a four-month high in November, boosted by deferrals. But exports of Norwegian grade Johan Sverdrup, the North Sea's biggest crude stream, will inch down.

Loadings of benchmark grades Forties and Oseberg will be broadly steady on the month in November, at 10 and three cargoes, respectively. Exports of Brent will decline to just one cargo in November, down from two in October, but this will be more than offset by increased loadings of Ekofisk and Troll, driven by cargo deferrals from the previous month.

The last October Troll cargo has been deferred to the following month, putting the grade's November exports at a four-month high. All October-loading cargoes of Ekofisk will be delayed by around four days, pushing two shipments into November.

US firm ConocoPhillips, which operates the Ekofisk grade's Teesside loading terminal in northeast England, told Argus that some fields that send production through the Norpipe oil transportation system have recently experienced a period of lower output, causing delays to loadings. Information about which fields have been affected and what caused the lower production has not been disclosed.

Loading schedules for non-benchmark North Sea grades also surfaced. Exports of Norway's medium sour Johan Sverdrup are set to inch down by 1pc on the month, despite the number of cargoes scheduled for November unchanged from October at 21.

The November programme for Johan Sverdrup has five cargoes of 2mn bl. Cargoes of this size would normally go to Asia-Pacific but no 2mn bl shipments of Johan Sverdrup have loaded since April, according to Vortexa data. Instead, 2mn bl cargoes are being split into smaller shipments and sent to European buyers. The remaining 16 cargoes of November-loading Johan Sverdrup will range in size from 650,000 bl to 700,000 bl.

Loadings of similar-quality Norwegian grade Grane are scheduled to decline to an 18-month low, with no cargoes loading before 10 November and traders suggesting the field will undergo maintenance in the early part of the month.

Exports of light sweet Gullfaks will be lower in November as an extra cargo has been added to October's loading programme. And the final October cargo of light sweet Statfjord has deferred to November, bringing exports of the grade to two cargoes in both months.

By Lina Bulyk

North Sea crude exports			000 b/d

Grade	Nov	±% vs Oct	±% vs Nov 22
Benchmark grades	626	7	-20
Brent	23	-48	-61
Forties	187	3	-7
Oseberg	70	3	-12
Ekofisk	233	15	-10
Troll	113	25	-37
Non-benchmark grades
Asgard	65	3	0
Grane	116	-17	-35
Statfjord	53	7	-35
Gullfaks	185	-9	17
Flotta	22	-46	0
Johan Sverdrup	702	-1	20
Source: Loading programmes

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