Prepare for North Sea oil flood as OPEC plans output curbs

While the OPEC countries attempt to limit overproduction, oil companies operating in the North Sea are headed towards new records.

BY LAURA HURST, BLOOMBERG

Published: 07.11.16 at 10:44

Oil producers in the North Sea, home to one of the world's key crude-price benchmarks, are poised to ship the most crude in more than four years. The surge takes place just as OPEC tries to contain a global surplus with coordinated output cuts.

Shipments of North Sea grades will increase 10 percent month-on-month to about 2.16 million barrels a day in December, according to data compiled by Bloomberg. If all the cargoes load as planned it would mark the most crude oil shipments from the region since May 2012. The increase just from September, when there was field maintenance, would be almost 360,000 barrels a day.

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