|13 August, 2019

Kuwait cuts September crude prices for Asian buyers - source

The producer has set Kuwait Export Crude (KEC) price for September at $1.00 a barrel above the average of Oman/Dubai quotes

Image used for illustrative purposes. Oil rig workers work on the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.

Image used for illustrative purposes. Oil rig workers work on the ChevronTexaco drilling platform January 15, 2003 near the Saudi Arabian border, Kuwait.

Getty Images/Joe Raedle

SINGAPORE - * Kuwait Petroleum Corp (KPC) has cut the official selling prices (OSPs) for two key crude grades it sells to Asia in September, a source with direct knowledge of the matter said on Tuesday

* The producer has set Kuwait Export Crude (KEC) price for September at $1.00 a barrel above the average of Oman/Dubai quotes, down 40 cents from the previous month, the source said

* It also cut the September Kuwait Super Light Crude (KSLC) OSP for Asia to $1.60 a barrel above Oman/Dubai quotes, down 90 cents from the previous month, the source said

* Kuwait's price reductions followed top oil exporter Saudi Arabia, which cut its September OSPs for Asia earlier this month

(Reporting By Shu Zhang; Editing by Rashmi Aich) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: shu.zhang.thomsonreuters.com@reuters.net; Twitter @shuzhang4))

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