NEWS

(Bloomberg) — Record exports of Norway’s Johan Sverdrup crude oil are set to help meet European refineries’ needs as a deadline to phase out Russian supplies draws closer.

Loadings from the huge Johan Sverdrup field in the North Sea, operated by Norway’s Equinor ASA, will rise to 587,000 barrels a day in November, according to a program seen by Bloomberg. That compares with an average of 500,000 barrels a day in the first three quarters of this year.

The European Union’s planned sanctions on Russian seaborne crude are due to come into force in early December. While refineries have reduced the purchases of Russia’s Urals crude markedly since Moscow’s invasion of Ukraine, they still imported about 840,000 barrels a day of the flagship grade last month, according to ship-tracking data compiled by Bloomberg.

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