I’ve written before about the fast growing demand from the huge economies of China, India and the other smaller countries in the area. See:
Oil predicted to settle at $60 to $70 per barrel over next three years!
Partly, but only partly, the increased demand results from OPEC’s own output cuts (to be extended for at least another 6 months). Energy Voice has headlined these dramatic flows from the North Sea as:
North Sea oil flooding to Asia like never before on Opec cuts (26th)
North Sea oil glut to ease as huge loads shipped to Asia 924th)
Asia grabs record North Sea crude oil as OPEC cuts supply (24th)
In particular, the Asian shortages are in the heavier grades which the North Sea has an abundance of.
According to Energy Voice:
‘North Sea oil is flooding into Asia like never before thanks to the most competitive crude prices in seven years. OPEC’s own output cuts are partly to blame.’
In April alone, North Sea tankers have taken more than 16 million barrels to Asia. Once more the income will be flooding into the UK Treasury. We need to move fast to keep some of this for Scotland’s future.