Kuwait’s KPC raises Asia-bound Aug crude OSP by 5 cents/b from Jul
Kuwait Petroleum Corp. has raised the August official selling price differential for its crude oil bound for Asia and Europe but lowered prices of crude bound for the US from the previous month, state-owned KPC said in a notice Wednesday.
KPC raised the Asia-bound Kuwait Export Crude, or KEC, OSP differential for August by 5 cents/b to a discount of 5 cents/b to the average of Platts Oman and Dubai crude assessments.
This is the highest the Asia-bound differential has been since January 2014, when the OSP differential was at a premium of 70 cents/b to Platts Oman/Dubai.
The Mediterranean-bound KEC OSP differential was raised by 40 cents/b to a discount of $3.70/b to Dated Brent, while Northwest Europe-bound KEC was raised by 20 cents/b to a discount of $4.90/b to Dated Brent.
US-bound KEC and ex-ship delivered KEC to the US Gulf Coast were both cut by 10 cents/b to a discount of $1.10/b and a premium of 25 cents/b to ASCI for August, respectively.
The KEC OSP differential for FOB Sidi Kerir was raised by 40 cents/b to a discount of $3.25/b to Dated Brent.