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Kuwait increases May crude export price to Asia  

Turkey Sakarya gas Reuters/Lucy Nicholson
The Q4 outlook on demand is quite healthy said Vitol Bahrain's managing director Kieran Gallagher

Kuwait raised the official selling price (OSP) for Kuwait Export Crude (KEC) to Asia in May by 25 cents from the previous month to $2.40 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed on Wednesday.

The producer set the May Kuwait Super Light Crude (KSLC) OSP at $2.50 a barrel above Oman/Dubai quotes, 10 cents lower than the previous month.

On the other hand, Iraq’s Oil Marketing Company (Somo) kept its official selling price (OSP) for Basra medium crude to Asia unchanged in May at minus $0.15 a barrel to the average of Oman/Dubai quotes.

The producer set the May Basra Heavy crude OSP to Asia at minus $3.40 a barrel to the Oman/Dubai quotes, 50 cents higher from the previous month.

Reuters reported earlier that top oil exporter Saudi Arabia may raise crude prices for Asia in May after Opec+ announced additional production cuts intended to shore up the market.

The May official selling price (OSP) for flagship Arab Light crude could be hiked by about 20 cents to $2.7 a barrel, a third month of increases.

The Organization of the Petroleum Exporting Countries (Opec) has pumped 28.90 million barrels per day (bpd) this month, the survey found, down 70,000 bpd from February. Output is down more than 700,000 bpd from September.

In addition, Opec’s Gulf producers Saudi Arabia, Kuwait and the UAE maintained high compliance with their targets under the Opec+ agreement.