Global crude flows from May 21 to 27, 2020 slightly differ from forecasts. Information from
Thomson Reuter (TR) indicate that close to 30 million barrels of crude oil went to North Western
part of Europe, between May 21 and May 26, 2020. According to TR, this was an increase of
about 3 million barrels of crude oil on the previous week. This movement explains the general
rise in all crude prices in the global market recently. Notable increases of the supply were from
the North Sea with Ekofisk crude said to make up most of the supply.
Foresight Global Oil & Gas Investment Company LTD (FGOG) monitoring noted somewhat
increases from Middle East as well, with Saudi Arabia (KSA) leading the group. From West
Africa also came some supply increases especially from the giant exporter, Nigeria.
The picture is the same in the Americas. This has led FGOG to conclude that there is a faster
than expected reawakening of the global crude oil market after the devastating effect of the
COVID-19 from February to date.