Kuwait slashes July crude prices for Asia, pricing document shows

Kuwait has increased the official selling price for its crude oil exports to Asia in May 2026, according to a pricing document reviewed by Reuters. The Kuwait Export Crude is being offered at a premium of $17 a barrel above the average of Oman/Dubai quotes, while the Kuwait Super Light crude is also priced at $17 above the same benchmark. This move comes as the country continues to adjust its export strategy amid shifting global demand and evolving refining capabilities. In recent years, Kuwait has been redirecting more of its output toward refined petroleum products, with exports reaching over 1 million barrels per day in mid-2023, as new refining capacity came online. The increased refining capacity, including the Al Zour refinery, has allowed Kuwait to produce a wider range of products, including low-sulfur fuel oil, which has enhanced its competitiveness in international markets. The latest pricing adjustments reflect Kuwait’s ongoing efforts to maintain market share in Asia, a key destination for its crude and refined oil exports.