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Norway’s Johan Sverdrup meets Baltic demand as refiners ditch Russian crude & More Trending News

 

MOSCOW, Oct 3 (Reuters) – Norway’s Johan Sverdrup crude oil (JS Blend) has changed Urals for a lot of refiners in northwest Europe nicely forward of a deliberate EU embargo on Russian crude, whereas a pending rise in output ought to assist it solidify its place, in accordance with merchants and transport knowledge.

JS Blend, which made its market debut in late 2020, discovered demand in Asia and such arbitrage shipments accounted for 60% of gross sales.

From this March, nonetheless, provide to Europe surged, reaching file ranges in the summertime.

JS Blend provide to Europe between April and September ranged from 1.65 million to 1.95 million tonnes monthly (476,000 barrels per day), in accordance with transport knowledge by way of the Refinitiv Eikon terminal.

Shipments to Europe in January-September accounted for 73% of complete manufacturing, up from 35% in the identical interval a yr earlier.

Supplies to Asia over the identical interval fell to simply 24% with no arbitrage loadings between June and August.

Reuters Graphics

Johan Sverdrup output is anticipated to rise by greater than 200,000 barrels per day to 755,000 bpd when its Phase 2 improvement begins by the tip of 2022, operator Equinor has stated.

If manufacturing will increase according to plans, JS Blend output in 2023 can be as a lot as a half of Urals Baltic exports, in accordance with Reuters calculations.

Supply shouldn’t be sufficient to totally change Urals, however the grade has already grow to be a worthy various as a consequence of low-cost logistics and Urals-like high quality, merchants stated.

Traditional importers of Urals cruse such as Finland, Lithuania and Germany have ramped JS Blend purchases this yr.

Turkey sharply decreased purchases of the grade as it ramped up imports of Russian oil. learn extra

Asian consumers such as India and China which ramped up purchases of Russian Urals this yr additionally considerably decreased shopping for of JS Blend, Refinitiv Eikon knowledge confirmed.

TABLE – Johan Sverdrup’s oil deliveries to EMEA nations.

TABLE – Johan Sverdrup’s oil deliveries to key consumers in Asia.

Reporting by Reuters; modifying by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

Norway’s Johan Sverdrup meets Baltic demand as refiners ditch Russian crude

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Norway’s Johan Sverdrup meets Baltic demand as refiners ditch Russian crude

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