KPC 100KBD India Deal

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).


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE