North Sea On The Rise Again

26 Jul 2019: In recent years, the airwaves have been dominated by the growth in U.S. crude oil production and exports. Oil markets also need to keep an eye on the ongoing turmoil in the Middle East as well as the elaborate decision-making process of the members of OPEC (+Russia). This week, we will focus on the North Sea, a mature oil producing region that is neither showing explosive growth nor experiencing geopolitical instability (ignoring Brexit for the moment). Although North Sea oil production is less than half of what it was 20 years ago, producers in both the U.K. and Norwegian sectors of the North Sea have been able to gradually increase output since 2013. More significant export growth is expected when the giant Johan Sverdrup oil field starts up later this year. Over the years, the vast majority of North Sea oil production stayed in the region. With growing production and a changing oil market, including competition from other sources, how will trade patterns for North Sea exports change and which tanker segments will likely benefit?

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