A cargo of North Sea crude worth about 2 million barrels was sold at a very low price to a buyer in Asia, a worrying sign of continued weak demand for oil.

Information received from informed sources in the field of oil trade indicates that a shipment the size of a giant tanker of crude from the “Forties” field was sold last week at a price lower than the spot selling price in the North Sea by an amount ranging between 3.5 and 4 dollars per barrel after taking into account shipping costs.

Informed sources said that the South Korean refining company, GS Caltex, purchased the shipment.

Asian demand is a very important factor in determining North Sea crude prices, which in turn contributes to determining the price of dated Brent crude, which is the global benchmark for the actual oil market.

Flows to the region could represent up to 13% of North Sea crude exports or fall to zero.

The decline in prices is attributed to the reluctance of Asian buyers of North Sea crude in recent months due to weak demand and their tendency toward cheaper supplies from other places such as the Middle East and the United States.

This also coincided with weak demand in Europe, where refineries have sufficient stocks to cover their needs in the near term.

The deal, which was concluded at a price well below the market price, indicates the difficulty of selling in the current crude oil market, as the cargo was sold at the last minute after failing to find a buyer earlier.