Kuwait reduced the official prices for selling crude oil to Asia for the month of October, by more than the cuts announced by the Saudi Aramco oil company.
And a pricing document stated, today, Friday, that Kuwait reduced the official selling prices for two crudes it sells to Asia in October compared to this September, Reuters reported.
Kuwait oil prices
The Kuwait Petroleum Corporation set the price of Kuwait Export Crude in October at $1.25 a barrel above the average quoted prices for Oman crude on the DME and Dubai crude on Platts, down $1.10 from the previous month.
Kuwait also lowered its Kuwait Super Light Crude OSP to $1.95 a barrel above Oman/Dubai quoted prices, down $1.20 from the previous month.
Last Sunday, Aramco announced the official selling prices for oil in October, which fell by more than one dollar per barrel in all degrees.
Aramco lowered the price of Arab Light crude by $1.30 a barrel, to $1.70 above the average of Oman and Dubai crudes, according to pricing data, according to Bloomberg.
The official price of Saudi crude usually dictates the direction of Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day of crude destined for Asia.
The price cuts for Kuwaiti crude were slightly larger than the cuts announced by Saudi Arabia, as 10 cents more than for Saudi Arabian Medium crude during the month of October.