Sverdrup Oil Field Faces Lower Demand and Pricing as Refiners Switch to Lighter Crudes
- Refiners switching to lighter crudes as diesel imports rise, reducing demand for Sverdrup
- Sverdrup output may decline starting 2024-2025 before Phase 3 expansion
- Loss of Russian Urals crude draws additional sour crudes from other regions
- Sverdrup pricing has weakened recently from peak premiums
- Equinor aims to maintain high Sverdrup output for decades via new projects