Asian oil customers are looking to secure more oil supplies from Saudi Arabia, Kuwait, and Iraq, to replace oil from Iran after the U.S. announced the new sanctions on Tehran, Nizar al-Adsani, CEO at Kuwait Petroleum Corporation (KPC), told Reuters on Monday. “There is demand now … as sanctions are implemented on Iran … Some of the companies are trying to find other options other than Iran, be it the kingdom (Saudi Arabia), Emirates, Iraq or Kuwait,” al-Adsani told Reuters on the sidelines of a China-Arab summit in Beijing. According to the manager, KPC, the national oil company of Kuwait, has recently boosted its production by 85,000 bpd, in line with last month’s OPEC agreement to increase production, worded as ‘easing compliance rates.’ Any additional increase would depend on OPEC, the head of the Kuwaiti oil company told Reuters. After the U.S. signaled two weeks ago that it would […]