Kuwait increases June OSPs for export crude blend by $0.10/b

11 Jun 2021

London (Quantum Commodity Intelligence) - Kuwait has increased its Official Selling Prices (OSPs) for July crude oil sold to Asia, reflecting the firmer market structure and a similar move from Saudi Aramco last week, the company reported Thursday.

Its flagship Kuwait Export Crude (KEC) was set at DME Oman/Platts Dubai +$1.25/b for Asian customers, up $0.10/b from the May OSP.

KEC is a similar quality (API gravity 30.2, sulfur 2.7%) to Saudi Arab Medium (API gravity 31, sulfur 2.55%) which was hiked by $0.20/barrel to +$1.90/b for July loading, while Arab Medium was increased by $0.10/b to +$1.35/b.

Kuwait Super Light Crude (KSLC) was hiked by $0.45/b to +$1.60/b.

Dubai strengthened to its widest backwardation since January 2020, according to Quantum data Thursday.

Dubai Aug/Sep spread was assessed at $1.10/b , while Aug/Oct was at $1.90/b, as OPEC+ takes a cautious approach to releasing barrels into the market.