LONDON: North Sea crude output is set to fall for a fourth month in June from a four-year high, loading programmes indicated, tightening supplies in the home of the Brent benchmark.
Supply from 12 North Sea crude streams will average 1.82 million barrels per day (bpd), down from May's rate of 1.94 million bpd, according to Reuters calculations based on loading programmes provided by trade sources.
The drop is mainly a result of maintenance on the Ekofisk field in June and tighter supply is supporting the Brent market structure and the physical market, analysts and traders say.
"Platts assessments for Forties and Brent vs. the forward strip have recently returned to positive territory, aided further by a short North Sea June loading programme," said analysts at JBC Energy in a report.
Output has fallen from 2.23 million bpd in February, the highest since April 2012, according to Reuters data.
Supply is in long-term decline as the larger, easier-to-tap deposits are pumped out. But new projects already online such as Golden Eagle and others planned in the next few years will help to compensate for more depleted fields.
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 be the lowest in almost two years due to the Ekofisk maintenance.
The table below is based on the latest known loading programmes for 12 crude streams tracked by Reuters.
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