RTRS:Signs mount of North Sea oil supply drop in Sept
(Reuters) - Oil output from some of the North Sea's largest crude oil streams is set to fall sharply in September, an export schedule showed on Monday, adding to signs of reduced supply from the home of the global Brent benchmark.
Norway's Troll crude oil stream is scheduled to load five cargoes in September, down from 14 in August, traders said. Daily supply will average 100,000 barrels per day (bpd), down from 271,000 bpd in August.
Troll, operated by Statoil (STL.OL), is usually the North Sea's second-largest crude oil production stream. Maintenance work in September at a number of offshore fields is expected to lead to a drop in North Sea output, traders say.
The prospect of lower output is already supporting the price of Brent crude for immediate delivery compared to later months, highlighting the vulnerability of the global benchmark to local supply bottlenecks and squeezes.
Output in September of another Norwegian crude, Gullfaks, is scheduled to fall by one cargo to four cargoes. Supply of Danish crude DUC is also down by one cargo to five cargoes, traders said, citing loading programmes.
The Brent benchmark is based on four North Sea crude oils - Brent, Forties, Oseberg and Ekofisk.
Supply of Forties, the largest stream and the most important for setting prices, is set to fall in September because Nexen (NXY.TO) plans to close its Buzzard field for maintenance.
Traders expect the September loading programmes for Brent, Forties and Ekofisk to emerge on Tuesday. Output of Oseberg in September is scheduled to rise after a strike in Norway reduced supply in July and August.
