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Kuwait boosts crude exports as Strait of Hormuz risks persist
KPC said buyers face higher prices for cargoes routed outside Hormuz, while loads inside the Persian Gulf may get discounts.
Kuwait has increased crude oil exports to about 1 million barrels per day, recovering to roughly two-thirds of the 1.6 million bpd that was shipped through the Strait of Hormuz before the Iran war, according to a senior official at state-owned Kuwait Petroleum Corporation, as reported by OilPrice.
The official, Shaikh Khaled Ahmad Al Sabah, said Kuwait has ramped up shipments in recent weeks by using ship-to-ship transfers outside the Strait of Hormuz, noting that supplies remain available but volumes are not the same as before.
He added that customers will have to pay more for crude delivered outside Hormuz to offset the added risk of transiting the chokepoint, while buyers who load cargoes inside the Persian Gulf may receive discounts on the oil price.
OilPrice also said total daily flows leaving Hormuz are estimated at about 10 million bpd, with roughly 9 million bpd in crude and the rest in fuels, and that by the end of August Qatar and Kuwait had lifted crude export levels out of Hormuz to about 70% of pre-war levels.
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