North Sea oil loadings to hit eight-year high as global supply glut builds

(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.

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 bpd in November.

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.

Exports of benchmark BFOET loadings — Brent, Forties, Oseberg, Ekofisk and Troll — will rise to 587,000 bpd, the most in five months. The five grades, as well as WTI Midland from the U.S., are used to set the global benchmark Dated Brent. 

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. 

Norway’s Johan Sverdrup field is set to load 690,000 bpd, up from 683,000 bpd in November. The new Johan Castberg grade will also boost volumes to record 232,000 bpd for December.

Image: Equinor's Johan Sverdrup field