Kuwait lowers its oil prices more than Saudi Arabia

A pricing document stated that Kuwait reduced the official selling prices for two crudes it sells to Asia in October 2021, compared to September 2021.The price cuts for Kuwaiti crude were slightly larger than similar cuts from Saudi Arabia in October 2021.

The Kuwait Petroleum Corporation set the price of Kuwaiti export crude in October 2021 at $1.25 a barrel, above the average prices offered for Oman crude on the DME and crude on Platts, down $1.10 from the previous month.It also reduced the official selling price of Kuwait Super Light Crude in October 2021 to $1.95 a barrel above the prices offered to Oman/Dubai, a decline of $1.20 from the previous month.

The price cuts for Kuwaiti export crude are more than ten cents for Saudi Arabian Medium crude in the same month.

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