Crude oil imports into Europe jump 1 million b/d

London, (Quantum Commodity Intelligence) - Soaring premiums for North Sea oil have led to an influx of crude cargoes into Europe from exporters throughout the Atlantic Basin, according to reseach by Bloomberg.

Crude oil imports into Europe surged by close to 1 million b/d last month

Nigeria, the United States, and Brazil were among the exporters that benefited from the price trend caused by maintenance at several large producing fields in the North Sea and a recovery, albeit weak, in oil demand on the continent.

"The arbitrage to Europe has opened up, and that should encourage higher inflows particularly from the US and perhaps also Nigeria whilst Indian demand remains in doubt," consultancy FGE's head of short-term market research James Davis said, as quoted by Bloomberg.

UK oil output dropped 12% in the first two months of 2021 compared with a year earlier, to 997,000 b/d, according to data published April 29, likely reflecting maintenance, a drop-off in drilling levels, and weak investment.

Within the total volume produced, crude oil accounted for 905,000 b/d, a 13% drop, and the remainder natural gas liquids, the statistical release from the Department for Business, Energy & Industrial Strategy showed.

Meanwhile, the Forties pipeline is due for a major overhaul starting May 27, curtailing loadings of the Forties crude stream, a component in the Dated Brent benchmark.