Kuwait cuts June OSPs for Export Crude blend by $0.20/b

London (Quantum Commodity Intelligence) - Kuwait has reduced its Official Selling Prices (OSPs) for June crude oil sold to Asia, reflecting the weaker market structure and a similar move from Saudi Aramco last week, the company reported Tuesday.

Its flagship Kuwait Export Crude (KEC) was set at DME Oman/Platts Dubai +$1.15/b for Asian customers, down $0.20/b from the May OSP.

KEC is a similar quality (API gravity 30.2, sulfur 2.7%) to Saudi Arab Medium (API gravity 31, sulfur 2.55%) which was cut by $0.20/b to Dubai/Oman +$1.25/b.

Kuwait Super Light Crude (KSLC) was also cut by $0.20/b to +$1.15/b.

Meanwhile, the fire which broke out Monday at Kuwait's 1.6 million barrels-per-day Greater Burgan field did not cause any production losses, said Kuwait officials.