11 April 2022; MEMO: Kuwait has raised the official selling prices (OSPs) for two crude grades it sells to Asia in May to record levels, a price document reviewed by Reuters showed today.
The producer has set May Kuwait Export Crude (KEC) price at $9.30 a barrel above the average of Oman/Dubai quotes, up $4.50 from the previous month.
It also raised the May Kuwait Super Light Crude (KSLC) OSP to $9.65 a barrel above Oman/Dubai quotes, up $3.70.
The price hike for KEC was 10 cents more than that for Saudi's Arab Medium crude in the same month.
Kuwait is a major oil supplier and a member of the OPEC consortium. Oil accounts for nearly half of Kuwait's GDP, around 95 per cent of exports, and approximately 90 per cent of government export revenue. Kuwait holds approximately seven per cent of global oil reserves and has a current production capacity of about 3.15 million barrels per day, according to the US' International Trade Administration.
