|10-15-2014, 03:14 PM||#1|
Kuwait cuts November`s oil price to Asian customers by $0.70 a barrel
Organization of the Petroleum Exporting Countries (OPEC) member Kuwait said on Wednesday it had cut the official selling price (OSP) for its crude oil sales to Asian buyers for November.
The new OSP is $3.05 a barrel lower than the average of Oman/Dubai quotes, $0.70 lower than the prior month, a trade source told Reuters on Wednesday.
The cut in price was in line with the Arab Medium grade of Saudi Arabia.
Smaller members in OPEC such as Kuwait have been losing market share from higher competition from other gulf grades, and a large number of competing grades from the Atlantic Basin and Latin America amid a U.S. shale oil boom.
The cut in Kuwait’s OSP will help improve demand for its crude in Asia, following sharp price cuts from Saudi Arabia and Qatar this month.
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