+
Kuwait to curtail oil supply for Asian buyers
OIL & GAS

Kuwait to curtail oil supply for Asian buyers

The fourth biggest oil producer in the organisation of the petroleum exporting countries (OPEC), Kuwait Petroleum Corp (KPC), is planning to shorten its annual supply deals with some of its Asian buyers such as India and Japan to nine months this year to meet demand from its new refinery, sources told the media.

At a meeting with Indian refiners, KPC officials said the company's next oil supply contracts with Indian buyers would run between April to December rather than up to March 2022.

The proposed change in oil supply follows a decision by Iraq, OPEC's second biggest producer, to cut its oil exports to India this year to comply with OPEC quotas just as Indian refiners ramp up output to meet a demand uplift as the world's third largest crude importer emerges from the Covid-19 pandemic.

KPC's 615,000 barrels per day (BPD) Al-Zour refinery, the country's fourth, is due to start operating towards the end of the year, turning the nation into one of the biggest fuel producers in the region.

Indian refiners had planned to ramp up imports of Kuwaiti oil this year after Iraq cut term supplies of its Basra light grade this year.

Bharat Petroleum Corp has sought a 25% increase in its KPC supplies to 60,000 BPD with an option to buy an additional 50,000 BPD for 2021-22. The company had an option to buy 28,000 BPD in this financial year to March 31.


Make in Steel 2021

24 February 

Click for event info


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


Mangalore Refinery and Petrochemicals was another Indian refiner looking to ramp up contract volumes, seeking a 14% uplift to 40,000 BPD while raising optional purchase volumes to 15,000 BPD from 10,000 BPD in 2020-21.

Meanwhile, Indian Oil Corporation (IOC) wants to cut its contract volume to 100,000 BPD from 120,000 BPD but plans to raise optional volumes to 50,000 from 30,000 BPD.

KPC and the refiners are still negotiating volumes under the new supply deals while a Japanese refiner is in talks over its contract's duration.

Image: Kuwait had earlier explored partnerships with India beyond oil in the wake of the global push for renewable energy.


Also read: ONGC doubles investment to recover from pandemic blues

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

The fourth biggest oil producer in the organisation of the petroleum exporting countries (OPEC), Kuwait Petroleum Corp (KPC), is planning to shorten its annual supply deals with some of its Asian buyers such as India and Japan to nine months this year to meet demand from its new refinery, sources told the media. At a meeting with Indian refiners, KPC officials said the company's next oil supply contracts with Indian buyers would run between April to December rather than up to March 2022. The proposed change in oil supply follows a decision by Iraq, OPEC's second biggest producer, to cut its oil exports to India this year to comply with OPEC quotas just as Indian refiners ramp up output to meet a demand uplift as the world's third largest crude importer emerges from the Covid-19 pandemic. KPC's 615,000 barrels per day (BPD) Al-Zour refinery, the country's fourth, is due to start operating towards the end of the year, turning the nation into one of the biggest fuel producers in the region. Indian refiners had planned to ramp up imports of Kuwaiti oil this year after Iraq cut term supplies of its Basra light grade this year. Bharat Petroleum Corp has sought a 25% increase in its KPC supplies to 60,000 BPD with an option to buy an additional 50,000 BPD for 2021-22. The company had an option to buy 28,000 BPD in this financial year to March 31.Make in Steel 202124 February Click for event info4th Indian Cement Review Conference 202117-18 March Click for event info Mangalore Refinery and Petrochemicals was another Indian refiner looking to ramp up contract volumes, seeking a 14% uplift to 40,000 BPD while raising optional purchase volumes to 15,000 BPD from 10,000 BPD in 2020-21. Meanwhile, Indian Oil Corporation (IOC) wants to cut its contract volume to 100,000 BPD from 120,000 BPD but plans to raise optional volumes to 50,000 from 30,000 BPD. KPC and the refiners are still negotiating volumes under the new supply deals while a Japanese refiner is in talks over its contract's duration.Image: Kuwait had earlier explored partnerships with India beyond oil in the wake of the global push for renewable energy. Also read: ONGC doubles investment to recover from pandemic blues

Next Story
Real Estate

Mumbai Records 11,230 Property Deals in August 2025

Mumbai’s property market remained resilient in August 2025, with 11,230 property registrations recorded under the Brihanmumbai Municipal Corporation (BMC) jurisdiction, according to data released by Knight Frank India. While this marks a 3 per cent year-on-year (YoY) decline compared to 11,631 registrations in August 2024, activity stayed robust despite the marginal dip.On a month-on-month (MoM) basis, registrations fell 11 per cent from 12,579 deals in July 2025, indicating seasonal moderation. However, the city’s stamp duty collections still reached Rs 10 billion, reflecting a 6 per cent..

Next Story
Infrastructure Transport

68 Jammu-Katra Trains Cancelled Amid Rain Damage

Jammu and Katra railway services remain severely affected as Northern Railway announced the cancellation of 68 trains—both incoming and outgoing—until 30 September, due to extensive track damage caused by heavy rains and flash floods. Meanwhile, 24 trains are scheduled to resume operations gradually.The Jammu railway division has experienced a complete halt in services for the past eight days, following track misalignment and breaches at several points along the Pathankot–Jammu section. Torrential rainfall since 26 August led to widespread flooding and damage, stranding hundreds of passe..

Next Story
Infrastructure Transport

Bangalore Metro MD Reviews Reach 6 and Phase 2A Progress

Bangalore Metro Rail Corporation Limited (BMRCL) Managing Director, Dr J Ravishankar, IAS, conducted inspections of key metro corridors on 29 and 30 August, reviewing the progress of Reach 6 (Pink Line) and Phase 2A (Blue Line).On 30 August, the inspection covered Reach 6, a 21.39-km corridor stretching from Kalena Agrahara to Nagawara, with 18 stations. This stretch is part of Phase 2 of the Bangalore Metro project. Dr Ravishankar assessed the status of civil works, finishing, track laying, and system integration between Kalena Agrahara and MG Road.Earlier, on 29 August, the MD inspected Phas..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?