Kuwait To Increase Oil Product Exports To Europe In 2023

Kuwait’s Petroleum Corp is planning to further increase oil product exports to Europe next year to recapture market share, CEO of Kuwait Petroleum Corp. Sheik Nawaf Al-Sabah said.

• “Currently what we are supplying into Europe is product, we are supplying diesel and jet fuel…and we are going to increase that quantity. We supplied over 1mn t of diesel into Europe this year extra, to help with the diesel crunch going on in Europe, we will double that amount in 2023 as part of our commitment to supply ultra-low sulphur diesel and fuel oil product into that market”, Sheik Nawaf Al-Sabah said.
• “We made investment of about $30bn in Kuwait to build a new refinery and to upgrade our existing two refineries to provide ultra-low sulphur product. We are trying to recapture market share in Europe with that product”, he added.
• He also said the company is currently negotiating term contracts and customers are reluctant to increase oil imports next year, signalling the market’s being suppressed by global economic weakness.
• “We’re really nervous about where demand is going over the next few months and next year, especially if there’s a recession”, he said.
• “Our customers are saying they are either acquiring the same amounts of oil or they are asking for slightly less for next year, so that is giving us an indication that people are not willing to commit for greater volumes next year”, he added.