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KPC to Swap Crude Cargoes to Avoid Red Sea

OIL

Kuwait Petroleum Corp is swapping cargoes with suppliers in order to avoid sailing via the Red Sea, KPC’s CEO Sheikh Nawaf Al-Sabah said, cited by Bloomberg.

  • Cargo swaps are helping the firm to delivery crude oil to buyers in Djibouti and other parts of Africa, Al-Sabah added.
  • The CEO has voiced concerns about the increasing impact on global oil markets if disruptions continue.
  • “One of the things I’m worried about is, if this persists for much longer, that supply chain is going to be really stretched” since the number of ships available is “really quite low,” he said.
  • “Once you go beyond three to six months, it becomes less clear how the worldwide tanker fleet is going to cope,” he said.
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