North Sea crude loadings drop: Here's why in 2025

In June 2025, the North Sea oil market will experience a historic shift: combined loadings of the five main North Sea benchmark crudes: Brent, Forties, Oseberg, Ekofisk, and Troll, will fall to 350,000 barrels per day (b/d), according to Argus.

The lowest level in at least 20 years.

While the headline may sound alarming, the reasons behind this drop are planned and strategic, not a signal of crisis. Here’s what’s happening:

Key points you should know:

• Ekofisk crude exports will drop sharply. Only one cargo is expected to load in June, the lowest in over 15 years. This is mainly because ConocoPhillips will shut down fields in the Ekofisk area and the Nordpipe system for maintenance. The shutdown is planned to last about four weeks.

• Ekofisk and Eldfisk fields, operated by ConocoPhillips, together produced about 100,000 b/d last year. Maintenance activities are standard practice to ensure long-term operational safety and efficiency.

• Brent crude loadings remain stable at about 23,000 b/d, equivalent to one cargo.

• Oseberg and Troll crudes, produced offshore Norway, will each have one less cargo compared to May.

  • Oseberg will load two cargoes.

  • Troll will load three cargoes.

• Forties crude exports are the exception. Forties shipments will increase by 18%, reaching 187,000 b/d across eight cargoes. However, Forties production is expected to decline again in August due to scheduled maintenance.

• Impact on prices: The very limited number of benchmark cargoes—about one every two days—could tighten supply and support North Sea crude prices during May and June.

• Role of U.S. WTI: The newer benchmark grade, U.S. WTI, which was added to the pricing basket in 2023, continues offering strong liquidity. So far this year, about 1.4 million b/d of WTI crude has been delivered to Europe—equivalent to two cargoes per day. However, local North Sea crudes have remained the cheapest option 84% of the time, reinforcing their role in setting benchmark prices.

North Sea crude loadings drop: Here's why in 2025

Characteristics of North Sea crude oil

The North Sea produces some of the most important benchmark crude oils in the world.

These oils share certain characteristics that make them valuable for global trading:

• Light and sweet: North Sea crudes generally have low sulfur content (sweet) and lower density (light), making them easier and less expensive to refine into high-value products like gasoline and diesel.

• Reliability: The North Sea’s infrastructure is mature and highly efficient, offering a steady and predictable supply.

• Strategic location: Being close to major refining hubs in Europe, North Sea oil benefits from low transportation costs compared to crudes shipped from farther regions.

These factors make North Sea crude—especially Brent—a key global benchmark for oil pricing, influencing not only European markets but energy prices worldwide.

Although June’s loading volumes will be historically low, this situation reflects routine maintenance and field management, not a decline in the North Sea’s strategic importance.

In fact, tighter short-term supply could lend support to crude prices and highlight the enduring value of North Sea benchmarks in a dynamic global market.