News // Middle East and OPEC
Kuwait prices new super light crude above Saudi Arab extra light
19 October 2018 , 12:06Neftegaz.RU627
Kuwait City, October 19 - Neftegaz.RU. Kuwait Petroleum Corp (KPC) has set the official selling prices (OSPs) for its new Super Light Crude grade at a premium to a similar Saudi grade for October and November, Platts reported, quoting industry sources.
The 1st cargoes of the new Super Light Crude from Kuwait were loaded to Japan and South Korea in July, with Asian economists and market sources saying that the new Kuwaiti super-light grade could be an alternative to Iranian condensate for Asian buyers amid the returning U.S. sanctions on Iran’s petroleum sector.
With Asian refiners looking for alternative supplies to Iranian crude oil and condensate, Kuwait’s new super light grade could find a welcome home in the Asian markets.
Kuwait’s OSPs for its Super Light Crude for October was set at a premium of $2.30 a barrel over the Oman/Dubai average, while the November OSP was set at $3.05 per barrel above Oman/Dubai. To compare, Saudi Aramco’s OSP for October for its Arab Extra Light to Asia is at a $1.80/b premium to Oman/Dubai, while the November OSP was set at a $2.55/b premium.
Kuwait’s new Super Light is «rightly priced» at a premium to the Saudi grade, a source at a refiner in northeast Asia told Platts. Kuwait plans to have Super Light production reach 120,000 bpd, according to Reuters.
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