North Sea BFOE crude oil supply to hit three-year low in August

LONDON: Supply of the four grades of crude oil that underpin the dated Brent benchmark price will fall to its lowest in three years next month, according to monthly loading programmes seen by trading sources.

On Monday, an industry source said the Brent crude oil stream would load four cargoes of 600,000 barrels each, for a daily supply rate of 77,000 barrels per day.

This will leave output of the Brent, Forties, Ekofisk and Oseberg (BFOE) crudes at just 716,000 bpd, the lowest since August 2014, when supply of the four grades was 715,000 bpd, according to Reuters data.