Kuwait adjusts the pricing standard for its crude oil destined for Asia

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SOMO sells two shipments of Basra crude to Chinese buyers at lower premiums

 

The headquarters of the oil marketing company "SOMO"

energy Economy News - Baghdad: SOMO sold 2 million barrels of Basra Light crude for loading in October at a premium of 60 to 80 cents a barrel above the official selling price, traders said. SOMO also sold 2 million barrels of Basra heavy crude for loading in October at a premium of 50 to 60 cents a barrel to the official selling price, they said. They said bonuses had fallen and that the shipments had been sold to Chinese buyers. Earlier, SOMO sold a shipment of Basra Light for loading in September at a premium of about $ 1.26 a barrel, and a shipment of Basra Heavy for loading in September at a premium of more than $ 1.60 a barrel. Views: 67   Date Added: 24/08/2019

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Offers two shipments of Basra crude for loading in November

 

An oil field worker in Basra. Reuters

energy Economy News - Baghdad BASRA, Iraq (Reuters) - Iraqi Oil Marketing Company (SOMO) is offering two shipments of Basra Light and Basra Heavy crude by 2 million barrels for shipment in November in Ataain and the company is asking for bids above the official selling price of crude to Asia, trade sources said on Tuesday. The tenders will close on 26 September. Views: 33   Date Added: 24/09/2019

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Kuwait adjusts the pricing standard for its crude oil destined for Asia

One of the oil fields

 December 24, 2019 5:06 PM

 

Kuwait - Mubasher: The Kuwait Petroleum Corporation announced that it will amend the standard pricing for sales of its crude oil to Asian countries.

The Petroleum Corporation said today, Tuesday, that the amendment of the pricing mechanism for its Kuwaiti crude oil east of Suez will be implemented as of February 1, according to Reuters.

The agency noted that the KPC standard is the average rating for Dubai and Oman on the Platts. The new benchmark will replace Oman crude on Platts with Oman crude prices on the Dubai Energy Exchange, while the Dubai crude component will remain on Platts.

It is noteworthy that the price of a Kuwaiti oil barrel decreased during Monday's transactions by 86 cents, according to the price announced by the Petroleum Corporation.

By 7:01 pm GMT, the price of Brent crude futures increased by 0.4 percent to $ 66.69 a barrel, and the price of NYMEX crude contracts for next February increased by about 0.3 percent at $ 60.68 a barrel.