Kuwait Petroleum Corp. dropped its official selling prices for June crude across all grades destined for Asia and Europe, while leaving US prices unchanged, the company said in an email May 11.
KPC cut its OSP differential for Kuwait Export Crude’s OSP bound for Asia by $4.95/b to a $4.35/b premium over the average of DME Oman/Platts Dubai crude assessments.
The company also reduced the June OSP of Asia-bound Kuwait Super Light Crude, Khafji crude and Hout crude by $4.95/b each, from May to a premium of $4.70/b, $3/b and $4.37/b premium respectively over the DME Oman/Platts Dubai crude assessments.
The trend follows a decrease in the OSPs of other key Middle East producers in June.
Kuwait Export Crude ex-ship delivered to the US Gulf Coast was kept unchanged from May at a $6.25/b premium over the Argus Sour Crude Index. Kuwait crude on an FOB basis to the US was also unchanged at ASCI plus $4.95/b for June.
KPC cut the OSP for its Kuwait Export Crude to Northwest Europe by $1.20/b at Dated Brent minus 75 cents/b, while also cutting prices for crude headed to the Mediterranean by $1.20/b at Dated Brent minus 10 cents/b. The FOB to Sidi Kerir was lower by $1.20/b cents/b at Dated Brent plus 20 cents/b.