• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 10 hours What China is Learning from Russia's War in Ukraine and its Consequences
  • 5 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 1 day Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 3 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.

Kuwait Follows Saudis In Slashing Oil Prices For Asia

Kuwait has become the second-largest OPEC member to cut its prices for Asia this month after Saudi Arabia cut its export prices for the first time in four months.

Per a Reuters report citing a Kuwaiti document, the exporter slashed Kuwait Export Crude prices for June oil deliveries to Asia by as much as $4.95 per barrel from the prior month to a $4.35 premium to the DME Oman and Platts Dubai benchmarks.

Kuwait also lowered the price of its Super Light Crude by $4.95 per barrel to $4.70 above the DME Oman and Platts Dubai benchmarks.

Kuwaiti oil prices had hit a record high in May, the report noted. However, it seems that the lockdowns in China are beginning to worry exporters, prompting them to adjust prices.

Saudi Aramco reduced its oil export prices for the first time in four months this week as China locks down cities with millions of residents in pursuit of its zero-Covid policy.

According to a Bloomberg report, Aramco cut the price for its Super Light for Asia by more than $5 per barrel ad the price for its Extra Light by $4.95 per barrel for June deliveries.

Crude oil prices for Europe were reduced more moderately by the Saudi state giant, by between $2 and $3 per barrel, Bloomberg also reported. Prices for exports to the United States remained unchanged from May.

Meanwhile, Kuwait is supporting the united front that OPEC+ is demonstrating to an increasingly oil-hungry world. Last week, the country's oil minister said the OPEC+ deal to add moderate amounts of oil to monthly production ensured market stability and balance.

This week, the opinion was echoed by the UAE's Suhail Al Mazrouei, who said, as quoted by Reuters, that the oil market is balanced and the price volatility comes from the fact that "some don't want to buy certain crudes and it takes time for traders to move from one market to another."

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News