Gunvor Secures Key North Sea Crude Cargo Amid Europe’s Kazakh Supply Crunch

Gunvor Group has secured a 1.2 million barrel cargo of crude oil from the Johan Sverdrup field in the North Sea, marking a strategic pivot as European refineries face growing pressure from disrupted Kazakh exports. The shipment, scheduled for delivery in February 2026, is expected to support key refining hubs in the Netherlands and Germany, where import dependency on Central Asian crude has declined by 35% since late 2025. The acquisition reflects heightened volatility in global crude markets, driven by a 28% year-on-year drop in crude exports from Kazakhstan due to pipeline maintenance and geopolitical constraints. With Kazakh volumes to Europe now averaging 650,000 barrels per day—down from 920,000 bpd in early 2025—refineries are increasingly turning to North Sea and Atlantic Basin suppliers to maintain throughput. In response, North Sea crude prices have strengthened, with Brent crude premiums for February delivery rising to $3.80 per barrel over front-month futures. Gunvor’s move is also notable given the company’s recent expansion in offshore logistics, including a new floating storage unit deployed near the UK continental shelf. The firm is currently managing 4.7 million barrels of crude in floating assets across Europe and the Mediterranean. Refiners in Rotterdam and Hamburg are adjusting processing schedules to accommodate the shift, with some increasing use of lighter North Sea grades like Oseberg and Ekofisk. The reallocation of crude flows may also impact freight markets, with VLCC rates from the North Sea to the Mediterranean up 22% in January 2026.