By Muyu Xu SINGAPORE (Reuters) - Asian refiners are on the hunt for crude oil to replace Kuwaiti supply as the OPEC producer cuts exports by nearly a ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSSINGAPORE - Asian refiners are on the hunt for crude oil to replace Kuwaiti supply as the OPEC producer cuts exports by nearly a fifth to feed its huge new refinery, which is driving up prices for other sour crudes and likely to squeeze profit margins.
Discounted oil from Russia has eased some of the pain, replacing some Kuwaiti supply, largely to China and India. Kuwait's crude shipments shrank by about 10% to 1.61 million barrels per day in January-July from the same period in 2022 as its Al Zour refinery ramped up, according to Kpler data. Additionally, Kuwait's joint venture 230,000 bpd Duqm refinery in Oman is scheduled to start operation by end-2023, which could reduce Kuwaiti crude exports by a further 100,000 bpd to 200,000 bpd in 2024, the consultancies said.
Exports to key buyers - China, Japan, South Korea, India and Taiwan - are expected to drop further from October once Kuwait resumes supply to its Vietnam joint venture Nghi Son refinery following two months of scheduled maintenance work. Refiners are already feeling the pinch as Middle East producers have hiked official selling prices for July to September supplies.
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