Tuesday, November 29, 2022

US, Norway, Guyana, and Angola were biggest suppliers of additional crude to UK in June

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The UK imported no crude oil or refined products from Russia in June for the first time on record, according to UK trade data. S&P Global Platts said in an August 24 article that this follows phased sanctions on imports of Russian oil over the invasion of Ukraine.

According to Platts, prior to Russia’s February 24 invasion of Ukraine, it was the UK’s largest supplier of refined oil in 2021, accounting for 24.1% of all imports, also supplying 5.9% of the UK’s crude oil imports, and 4.9% of the UK’s gas imports.

Norway group warns war in Ukraine could wipe out 1 million barrels per day of oil demand

For the 12 months to February 2022, the value of Russian fuel imports had averaged GBP499 million ($589 million), according to the Office for National Statistics data.

“The US, Norway, Guyana, and Angola were the biggest suppliers of additional crude to the UK in June compared to pre-war levels, the data showed, with a combined additional value of GBP1.04 billion,” Platts sated.

Guyana’s daily production hit an all-time high of 386,000 barrels in July with the combined output from the Liza Destiny and Liza Unity FPSOs, ExxonMobil’s first two projects offshore the South American country.

By 2027, Exxon is set to ramp up production at the Stabroek Block to around 1.2 million barrels of oil per day. This will make Guyana the highest per capita oil producer in the world.

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