Kuwait Drops Prize Formula to Japanese by 20 Cents/B
Japan's Sumitomo, acting for Seibu Sekiyu, has concluded a 20,000 b/d crudeoil contract with Kuwait's KPC covering the October-December period, MEESlearns. The price formula is Oman/Dubai spot average minus $1/B f.o.b. Kuwait,representing a 20 cent/B reduction on the previous formula offered toJapanese companies (MEES, 12 September).
Kuwait's other current Japanese term customers are Idemitsu (20,000 b/d),...