S&P Global Platts will update the formula used to calculate Kuwait's official selling prices for crude oil destined to Asia effective March 1, 2020 to reflect changes in Kuwait's pricing formula.
Kuwait Petroleum Corporation announced on December 24 that its official selling price for crude oil to Asia will be based on the average of Platts Dubai and DME Oman, effective February 1, 2020.
Starting March, Platts will calculate the outright value based on the OSP differentials and the monthly averages of front-month Platts Dubai and DME Oman. For example in March, Platts will calculate February Kuwait outright OSP by adding the February differential to the average of Platts Dubai and DME Oman in February.
Kuwait OSP is published in Platts price database and on Platts Global Alert page 1060.
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