The Crude Report: Johan Karsberg, new North Sea crude grade

The podcast discusses the launch and market reception of the new Norwegian crude grade, Johan Karsberg, highlighting its unique production setup, high-quality characteristics, and pricing dynamics. Despite logistical challenges and premium pricing, the grade is gaining traction among Northwest European refiners due to its favorable refining properties.

Three main topics:

• Introduction and significance of Johan Karsberg crude: A rare standalone field in the Barents Sea, marking a notable expansion in Norway’s oil production.
• Crude quality and market reception: Karsberg is slightly heavier but low in sulphur, with high yields of valuable distillates, making it attractive to European refiners.
• Trading logistics and pricing: The grade trades at a premium and is limited to local markets due to shuttle tanker constraints and higher transport costs.