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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Kuwait Ramps Up Diesel Exports To Europe
Kuwait plans to raise diesel exports fivefold to 2.5mn t to Europe this year amid Europe’s need to replace Russian oil products from 5 Feb, sources told Bloomberg.
- The European Union faces a potential supply squeeze from 5 Feb, when the ban of refined oil products from Russia will come into place.
- The EU was buying close to 1.3mbpd of product from Russia as of late last year, about half of which is diesel, according to JPMorgan Chase & Co estimates.
- Kuwait has been upgrading and building new refineries in recent years. The new 615kbpd Al-Zour refinery began the first phase of commercial operations in November and is scheduled to reach near full output by 3Q23.
- Kuwait’s total refining capacity will rise to around 1.5mbpd once Al-Zour is fully operational.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.