Kuwait restores oil exports to about 1 million bpd
After a big setback in late February due to U.S.-Iran tensions, Kuwait has managed to restore its oil exports to about 1 million barrels per day, roughly two-thirds of what it shipped last year.
It has done this by switching up delivery methods, like using ship-to-ship transfers outside the risky Strait of Hormuz and mixing owned and chartered tankers to keep customers supplied.
KPC offers Gulf discounts, eyes pipelines
To dodge shipping risks (and costs) around the Strait, Kuwait Petroleum Corp. (KPC) is giving discounts for routes inside the Persian Gulf, while buyers who want deliveries elsewhere pay extra.
KPC is also eyeing pipeline routes through Saudi Arabia and the UAE for more flexibility.
On top of that, Kuwait plans to ramp up refinery runs to boost fuel supplies as markets for products including diesel remain tight, even with all these regional challenges.