Mubasher: Kuwait has cut January official selling prices (OSPs) for its two crude grades for export to Asia, Reuters reported on Tuesday according to two sources with knowledge of the matter.
January OSP for Kuwait Export Blend Crude (KEC) to Asia registered a decline of 65 cents per barrel when compared to the previous month to a slide of 35 cents per barrel (pb) to the average of Platts Oman and Dubai prices, Reuters said, according to the sources.
“The adjustment narrowed the price difference between KEC and Saudi's Arab Medium crude in January to 30 cents a barrel, against 40 cents in the previous month,” Reuters added.
Meanwhile, January OSP for Kuwait Super Light Crude (KSLC) to Asia stood at a premium of $1.10 pb to the average of Platts Oman and Dubai prices, falling by $1.65 pb when compared to the previous month.
“This narrowed its premium to Saudi Arabia's Arab Extra Light crude to 30 cents a barrel, down from 50 cents a barrel since October when Kuwait set the first OSP for the new grade,” Reuters said.
