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Kuwait Petroleum Corporation (KPC) has renewed its crude supply contract with India’s Bharat Petroleum in a deal that state news agency KUNA says is worth up to $3.7bn per year.
This implies volumes of around 100,000 b/d given average first quarter prices of $104/B for Kuwait export blend crude. KPC says that it intends to boost this number by 50,000 b/d in 2015. South Korea has been the largest customer for Kuwaiti crude over the past four years, taking 400,000 b/d for 2013 (see graph). However, whilst Korea maintained volumes at these levels for the first quarter 2014, the US upped volumes substantially, taking 405,000 b/d for January and February (March data are not yet available). Japan is Kuwait's third largest customer taking 311,000 b/d for the first quarter, up 12% on a year earlier (see p19, 20).
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