SINGAPORE: Kuwait Petroleum Corp (KPC) has cut the official selling prices (OSPs) for two key crude grades it sells to Asia in August, two sources with direct knowledge of the matter said on Wednesday.

The Kuwait Export Crude (KEC) price for August was set at $1.40 a barrel above the average of Dubai and Oman quotes, down 25 cents a barrel from the previous month.

KPC also reduced the OSP for Kuwait Super Light crude (KSLC) for Asia to $2.50 a barrel above the average of Dubai and Oman quotes, 50 cents lower than the previous month.

For other regions, KPC set the KEC OSP for north west Europe at $4.95 a barrel below dated Brent, while the price for the Mediterranean was at $4 a barrel below dated Brent.

The KEC OSP for Sidi Kerir was at $3.55 a barrel below dated Brent.

KEC prices for the United States were at $1.05 a barrel above the Argus Sour Crude Index (ASCI) on a free-on-board (FOB) basis and at a premium of $2.35 a barrel to the same benchmark for the oil delivered ex-ship.

 

(Reporting by Rania El Gamal and Florence Tan; editing by Richard Pullin) ((richard.pullin@thomsonreuters.com; +613-9286-1435;))