DUBAI/SINGAPORE (Reuters) - Kuwait Petroleum Corp set the price for Kuwait Super Light Crude (KSLC) at $2.30 a barrel above Oman-Dubai quotes for October and at a premium of $3.05 a barrel for November, a source with knowledge of the matter said on Wednesday.
The official KSLC selling prices (OSPs) were competitive, an Asian crude buyer said, as they were in between the prices for two Saudi light grades.
KSLC’s OSPs are more than $2 a barrel below that of Saudi’s Arab Super Light crude and 50 cents a barrel higher than Saudi’s Arab Extra Light, Reuters data showed.
Kuwait, the fifth largest OPEC producer, increased its oil exports to Asia by launching this new grade in the middle of this year. KSLC’s production is expected to reach 120,000 barrels per day.
Reporting by Rania El Gamal in Dubai and Florence Tan in Singapore; Editing by Susan Fenton