AVN 49.16 Decreased By ▼ -1.69 (-3.32%)
BAFL 28.59 Decreased By ▼ -0.27 (-0.94%)
BOP 3.64 Decreased By ▼ -0.06 (-1.62%)
CNERGY 3.26 Decreased By ▼ -0.05 (-1.51%)
DFML 10.78 Decreased By ▼ -0.22 (-2%)
DGKC 52.03 Decreased By ▼ -1.09 (-2.05%)
EPCL 43.62 Decreased By ▼ -0.39 (-0.89%)
FCCL 12.47 Decreased By ▼ -0.13 (-1.03%)
FFL 6.19 Decreased By ▼ -0.08 (-1.28%)
FLYNG 5.95 Decreased By ▼ -0.13 (-2.14%)
GGL 10.32 Decreased By ▼ -0.38 (-3.55%)
HUBC 68.66 Decreased By ▼ -0.04 (-0.06%)
HUMNL 5.81 Decreased By ▼ -0.19 (-3.17%)
KAPCO 22.61 Decreased By ▼ -0.29 (-1.27%)
KEL 1.83 Decreased By ▼ -0.03 (-1.61%)
LOTCHEM 28.98 Decreased By ▼ -0.54 (-1.83%)
MLCF 28.57 Decreased By ▼ -0.38 (-1.31%)
NETSOL 76.79 Decreased By ▼ -3.54 (-4.41%)
OGDC 78.62 Decreased By ▼ -0.28 (-0.35%)
PAEL 9.72 Decreased By ▼ -0.18 (-1.82%)
PIBTL 4.19 Decreased By ▼ -0.14 (-3.23%)
PPL 60.54 Decreased By ▼ -0.74 (-1.21%)
PRL 14.47 Decreased By ▼ -0.27 (-1.83%)
SILK 1.05 Decreased By ▼ -0.02 (-1.87%)
SNGP 42.44 Decreased By ▼ -0.26 (-0.61%)
TELE 7.07 Decreased By ▼ -0.25 (-3.42%)
TPLP 12.83 Decreased By ▼ -0.14 (-1.08%)
TRG 96.42 Decreased By ▼ -4.01 (-3.99%)
UNITY 15.16 Increased By ▲ 0.66 (4.55%)
WTL 1.18 Decreased By ▼ -0.03 (-2.48%)
BR100 4,160 Decreased By -51.8 (-1.23%)
BR30 14,407 Decreased By -198.1 (-1.36%)
KSE100 41,686 Decreased By -456.3 (-1.08%)
KSE30 14,742 Decreased By -200.9 (-1.34%)
Follow us

NEW DELHI: Kuwait has asked some Asian refiners to take less oil under their annual deals as the OPEC producer hopes to start full-scale operations at its Al Zour refinery later this year, three refining sources familiar with the matter said.

Lower supplies from Kuwait could tighten Middle East supplies to Asia and support prices especially as demand from China, world’s top crude importer, is expected to rebound this year.

KPC has informed some buyers that Kuwait Export Blend crude supply may be reduced under new annual contracts starting in April, sources at two Indian refiners and one Japanese refiner told Reuters.

Indian Oil Corp, the country’s top refiner, will reduce its yearly oil purchase from Kuwait by 20%, or 20,000 bpd, starting in April, according to one of the persons with knowledge of the situation.

The second Indian refining source said Kuwait has also approached his firm asking them to take less oil under next fiscal year’s term contract from April.

Oil slips as banking fears return, offsetting China demand hopes

KPC did not respond to a request for comment.

Kuwait has started up the second phase of the Al Zour refinery, Waleed Al-Badr, chief executive of Kuwait Integrated Petroleum Industries Company, a subsidiary of Kuwait Petroleum Corporation, said last week.

The 615,000 barrel-per-day (bpd) refinery has three CDUs with equal capacity. Consultancy FGE expects a third crude distillation unit at Al Zour to come online by August.

The Japanese refining source did not disclose how much volume KPC was looking to cut, but added that KPC has also contacted other refineries in Japan to negotiate supply reductions.

To make up for less oil from Kuwait, India’s IOC has increased its term crude volume with Iraq’s Oil Marketing Company (SOMO) by 20,000 bpd, the first source said.

IOC would be lifting 210,000 bpd oil from Iraq in 2023 compared with 190,000 bpd in 2022, he said.

Iraq’s SOMO and IOC did not respond to a request for comment.

Annual crude sales contracts between Iraq, the largest crude supplier to India, and most Indian refiners start from January.

Comments

1000 characters

Kuwait to cut crude supplies to some Asian refiners as Al Zour refinery ramps up

Flanked by PTI defectors, Jahangir Tareen launches Istehkam-e-Pakistan party

Pakistan has to satisfy IMF on three counts including budget ‘consistent with programme objectives’

KSE-100 plunges over 450 points amid uncertainty on upcoming budget

Inter-bank: rupee ends losing streak with marginal gain against US dollar

Open-market: US dollar strengthens as demand surges

IMF urges Fed, central banks to keep tightening to reduce inflation

TAPI Pipeline: Pakistan and Turkmenistan sign implementation plan

APTMA urges Dar to reinstate competitive energy tariffs

At US request, Pakistan grants detained designer Khadija Shah consular access

Ali Muhammad Khan re-arrested outside Peshawar jail