Kuwait plans to shorten oil supply deals for some Asian buyers -sources

SectorOil & Gas

NEW DELHI: Oil producer Kuwait Petroleum Corp (KPC) is in talks to shorten its annual supply deals with some customers in India and Japan to nine months this year to meet demand from its new refinery, sources close the matter told Reuters.At a meeting with Indian refiners this month, KPC officials said the state-run company's next oil supply contracts with Indian buyers would run from April to December, the sources said, rather than to March 2022.The proposed change follows a decision by Iraq, OPEC's second-biggest producer, to cut its oil exports to India this year to comply with OPEC quotas just as Indian refiners ramp up output to meet a demand uplift as the world's third-largest crude importer emerges from the COVID-19 pandemic.  KPC's 615,000 barrel per day Al-Zour refinery, the country's fourth, is due to start operating towards the end of the year, turning the nation into one of the biggest fuel producers in the region, the sources...read more...