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(Bloomberg) — North Sea crude exports are set to climb to the highest level in more than eight years next month, adding to a growing global supply glut that’s expected to weigh on oil markets into 2026.
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Loadings of the 13 main North Sea grades — including Norway’s new Johan Castberg — are scheduled at 2.1 million barrels a day in December, according to loading programs seen by Bloomberg. That would mark the highest daily rate since May 2017, compared with a revised 2.03 million barrels a day in November.
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The jump in the region’s output comes as industry watchers, including the Paris-based International Energy Agency, predict a flood of supplies. Additional barrels from the Organization of the Petroleum Exporting Countries and its allies, as well as nations outside the group, are seen overwhelming cooling demand growth.
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Exports of benchmark BFOET loadings — Brent, Forties, Oseberg, Ekofisk and Troll — will rise to 587,000 barrels a day, the most in five months. The five grades, as well as WTI Midland from the US, are used to set the global benchmark Dated Brent.
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Buzzard field, the biggest stream in Forties, is expected to come back online after prolonged maintenance. Its share in Forties will rise to 16.9% in December from 6.2% in November, according to pipeline operator Ineos Group Limited. The field has been shut since early September.
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Norway’s Johan Sverdrup field is set to load 690,000 barrels a day, up from 683,000 barrels a day in November. The new Johan Castberg grade will also boost volumes to record 232,000 barrels a day for December.
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—With assistance from Alex Longley.
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