LONDON: North Sea crude output is set to reach a two-year low in September due to field maintenance, tightening a market that has been under pressure from ample supplies.
Supply from 12 North Sea crude streams will average 1.796 million barrels per day (bpd), down from August's rate of 1.806 million bpd, according to Reuters calculations based on loading programmes provided by trade sources.
This is the lowest since September 2014, when output averaged 1.703 million bpd, according to Reuters data.
While supply is in long-term decline, companies typically carry out oilfield maintenance in the summer months, which is reducing output in the short term.
Buzzard, the largest oilfield linked to the British Forties crude stream, is due to start a month-long shutdown in mid-September. Maintenance is also set to reduce output sharply of Norwegian crude Asgard.
The Brent benchmark is based on four North Sea crudes: Forties, Oseberg and Ekofisk as well as Brent itself. Output of these is scheduled to hold steady in September.
The table below is based on the latest known loading programmes for 12 crudes tracked by Reuters. Totals are rounded.
Total volumes are in millions of barrels and loading rates are in barrels per day.
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