KNPC’s income from products export has been hit by the collapse in international spot prices. Despite subsidized prices, KNPC is earning more per barrel from domestic diesel sales than from exports.

Weakness in global oil markets has significantly hit the profits of state refiner Kuwait National Petroleum Company (KNPC), according to CEO Muhammad al-Mutairi. Yet, while Kuwait is the only GCC country that has not reduced subsidies on transport fuels, diesel – its main export...