Equinor’s New North Sea Crude Heads To Asia’s Top Oil Markets

A new North Sea crude marketed by Norway’s Equinor is making inroads into Asia’s top oil importers, with several cargoes set to arrive in India and South Korea in the coming months, refining officials and trade sources said.

Buyers of Johan Sverdrup crude included South Korea’s Hyundai Oilbank Corp, India’s Reliance Industries Ltd. and several independent refineries, they said.

Johan Sverdrup, the largest North Sea discovery in more than three decades, is one of two oilfields operated by Equinor that started production in the second half of this year.

Asian buyers have quickly warmed to the new grade as its price is competitive compared with oil from other suppliers such as Oman, Brazil and Angola, while a lower sulphur content makes it easier to refine, the sources said.