Kuwait refines oil pricing in battle for European customers

4 Mar 2016   Kuwait, Prices

Gulf OPEC member Kuwait has changed the way it prices oil for Europe, trading sources said, in a rare tactical move aimed at making its crude more competitive as the battle for customers between OPEC and non-OPEC rivals intensifies. The European market, long dominated by Russian oil supplies, has been neglected by major OPEC producers due to poor growth as they focused on expanding Asian markets. But as Russia moved aggressively into Asian markets and with the growing global oil glut heating up the fight for customers, OPEC members such as Saudi Arabia and Iraq ramped up sales to Europe, taking on former Russian customers such as Poland and Sweden. Large sales from Iraq’s Kurdistan into Europe have added to the competition over the past six months and now Kuwait – a usually little-noticed seller in Europe – is both increasing sales and making its crude more attractive. “If […]

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