Kuwait asks Asian refiners to take less oil as Al Zour refinery ramps up output
Kuwait Petroleum Corporation informed some buyers that Kuwait Export Blend crude supply could be reduced under new annual contracts as soon as April, according to Reuters.
Kuwait requested that some Asian refiners reduce oil imports under their annual deals as the OPEC producer has ambitions to start full-scale operations at its Al Zour refinery in the second half of this year, Reuters reported this week citing unnamed sources.
The impact of the country’s lower supply could tighten greater Middle East supplies to Asia, and therefore affect support prices, particularly from the world’s top crude importer China, which is expected to rebound this year.
Kuwait’s crude oil price plunged by $3.79 during Thursday’s trading session to $75.49 per barrel, according to the state’s Kuwait News Agency (KUNA).
Kuwait Petroleum Corporation (KPC) informed some buyers that Kuwait Export Blend crude supply could be reduced under new annual contracts as soon as April, reported Reuters, informed by two Indian refiners and one Japanese refiner.
