Kuwait releases new ultra-light crude oil for sale
According to Platts Energy's October 17 news, industry sources said on Wednesday that Kuwait Oil Company has released the official price of the new ultra-light crude oil.
They added that the OSP is measured by the average of Platts Oman and Platts Dubai assessments.
KPC has priced the OSP premium in October at $2.30 per barrel, while the November OSP is based on Platts' Oman and Dubai premiums of $3.05 per barrel.
A source from a Northeast Asian refinery pointed out that the ultra-light OSP is reasonably priced and superior to Saudi Arabia's specialty light crude oil.
Earlier this month, Saudi Aramco's Oman/Dubai premium for the Arabian specialty light crude oil OSP shipped to Asia in November was positioned at $2.55 per barrel. The company has previously rated the OSP in October at a premium of $1.80 per barrel.
This means that KPC's ultra-lightweight OSP in November and October is 50 cents/b higher than Ami's Asian Arabian ultra-light OSP.
Platts has reported that Kuwait exported the first ultra-light crude oil shipped to Japan in July.
According to sources, about 650,000 barrels of crude oil were supplied each month thereafter.
According to people familiar with the matter, Japanese and South Korean refineries may appreciate the new grade of crude oil.
KOC said in January that Kuwait’s ultra-light crude oil was mainly from the Jurassic gas field in Kuwait, with an API of 48 degrees and a sulfur content of 0.4%.
This rating will be one of two new export levels that Kuwait plans to introduce.
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