12 Sep 2021 | 10:09 UTC

Kuwait's KPC lowers Oct crude pricing to Asia, holds US, Europe

Kuwait Petroleum Corp. lowered its official selling prices for October loading crude being sent to Asia, while keeping prices unchanged for cargoes bound for the US, Northwest Europe and the Mediterranean, according to a company pricing email on Sept. 12.

KPC lowered its OSPs for Asia-bound barrels of Kuwait Super Light Crude by $1.20/b to a $1.95/b premium to Oman/Dubai. Meanwhile, Kuwait Export crude for Asia was cut by $1.10/b to a $1.25/b premium Oman/Dubai. The OSP differential for Asia-bound Khafji crude was lowered by $1/b to a 40 cents/b premium to Oman/Dubai.

Kuwait Export Crude delivered to the US Gulf Coast was unchanged a $1.95/b premium to the Argus Sour Crude Index. Kuwait crude on an FOB basis to the US also remained the same at ASCI plus 65 cents/b.

KPC kept the OSP for its Kuwait Export Crude to Northwest Europe at Dated Brent minus $2.45/b. The OSP for October loadings headed to the Mediterranean was unchanged at Dated Brent minus $1.90/b.

Kuwait Petroleum Corp. OSPs ($/b):

Grade
Destination
Basis
August
September
October
Change
KLSC
Asia
Oman/Dubai
2.60
3.15
1.95
-1.20
KEC
Asia
Oman/Dubai
2.05
2.35
1.25
-1.10
Khafji
Asia
Oman/Dubai
1.20
1.40
0.40
-1.00
KEC
US
ASCI
0.55
0.65
0.65
--
KEC
US ex-Del
ASCI
1.85
1.95
1.95
--
KEC
MED
Dated Brent
-0.9
-1.90
-1.90
--
KEC
NWE
Dated Brent
-1.65
-2.45
-2.45
--

Editor:

Claudia Carpenter