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(Bloomberg) -- Daily shipments of North Sea Brent crude, part of the price benchmark for almost two-thirds of the world's oil, will fall by about 8 percent in February.
Tankers are set to load 184,552 barrels a day of Brent crude in February, down from 200,645 barrels a day scheduled for January, according to the loading program of field operator Royal Dutch Shell Plc, Europe's largest oil company.
A total of 5.35 million barrels will be shipped next month, compared with 6.22 million barrels in January.
Brent is one of the four North Sea oil varieties used to price crude from the Middle East, Africa and Russia. The other grades are Forties produced by BP Plc, Norsk Hydro ASA's Oseberg blend and ConocoPhillips's Ekofisk.
To contact the reporter on this story: Alexander Kwiatkowski in London at email@example.com
This was announced a couple of months back.
Maybe one of the wells that was producing this shut down.
misterno wrote:I think it is an indication of production increase or decrease in Texas
Because OPEC sucks at production cuts, so there's a clear window before they can implement 'em, if they do implement them that is.AirlinePilot wrote:Lots of big players storing huge quantities at 36-40$/bbl. Hmmm, I wonder why?
Professor Membrane wrote: Not now son, I'm making ... TOAST!
A $10 move in a week is just what the doctor ordered to destroy the last trace of surreality in the whole "economic recovery" story. At this rate we will take out all time high crude prices by mid March. As we have been saying since December, a rapid move in oil will undo years of carefully planned propaganda and money printing.
Yet the weakness that "nobody could have possibly predicted" is just as we had forecast: global and US weakness in late February/March, market swoons in March/April (as per DeMark's repeat appearance), Fed releases early indications of QE3 in May. In the meantime, we also get a war as a bonus to boost the US military-defense industrial complex. Pretty much a rerun of the first great depression to the dot.
Sixstrings wrote:If the price of oil gets out of control, the whole quantitative easing house of cards will crumble.
Plantagenet wrote:or do they just make up new BS each and every day?
Plantagenet wrote:Obama and the democrats have just wasted two valuable years and blown through 3 TRILLION dollars of new debt to accomplish....nothing.
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