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North Sea Trade Stuck in a Rut

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  • Brent, Forties, Oseberg, Ekofisk and Troll (BFOET) crude exports are down 2.7% month on month at 716,000 barrels per day.
  • Johan Sverdrup has broken through 700,000 b/d and is helping mitigate the Russian supply shortfall.
  • The Brent forward structure shows the market’s lack of prompt appetite for sweet crude and unjustifiably lofty spot prices.

The G7 price cap on Russian oil has trimmed enthusiasm in the Brent paper market, while the North Sea physical market is getting hammered by a surplus of sweet crude in the Atlantic Basin.

Topics:
Oil Supply, Oil Spot Markets, Crude Oil
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