Signs Mount of North Sea Oil Supply Drop in September

Source:

"The prospect of lower supply is leading to a rise in Brent prices that is felt by consumers and businesses around the world, as Brent is used for pricing crude produced in Europe, the Middle East, Africa and parts of Asia."

Bloomberg, Alex Lawler

The prospect of lower supply is leading to a rise in Brent prices that is felt by consumers and businesses around the world, as Brent is used for pricing crude produced in Europe, the Middle East, Africa and parts of Asia.

Norway's Troll crude oil stream is scheduled to load five cargoes in September, down from 14 in August, due to maintenance work, traders said on Monday, citing an export schedule sent to cargo owners. Daily supply will average 100,000 barrels per day (bpd), down from 271,000 bpd in August.

Statoil's (STL.OL) Troll is usually the North Sea's second-largest oil production stream. Supply of Forties, the largest and the most important for setting prices, is also expected to fall due to maintenance at Nexen's (NXY.TO) Buzzard oilfield.

On Monday, the premium at which the September futures contract trades against October was $1.35, up from $1.00 a week ago, showing a jump in the price of oil for immediate delivery. . .View Full Article

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe