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On top of production declines in Iran and Venezuela. ongoing OPEC cuts. Urals contamination outages in Russia and maintenance in Kazakhstan. North Sea production is also struggling. according to Rystad Energy.
Currently. Rystad sees unplanned outages at Oseberg and Flotta with combined impact of 160 000 bpd. Furthermore. the North Sea is heading into maintenance season. North Sea oil production is forecast to drop next month to the lowest level since August 2014. as Ekofisk goes into maintenance.
Based on its field level production and maintenance forecast. Rystad expects North Sea oil production to drop to 2.28 million bpd with 462 000 bpd lost due to outages. Turnaround activity at Ekofisk feeding fields is the primary driver accounting for 230 000 bpd of the total outage for June 2019.
