finance
Kuwait Petroleum Corporation Issues First Naphtha Tender in Months
State-owned Kuwait Petroleum Corporation offered naphtha cargoes for loading at its Persian Gulf ports. The tender marks the first such sale in months as producers prepare for resumed shipments through the Strait of Hormuz.
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Kuwait Petroleum Corporation issued a tender to sell naphtha cargoes for loading at its ports in the Persian Gulf. Bloomberg reported the tender on Monday after reviewing the document. The sale is the first naphtha tender Kuwait has issued in months.
Traders told Bloomberg that during the Hormuz crisis Kuwait had required buyers to arrange their own tankers for pickups at domestic ports. Kuwait Petroleum Corporation deputy chairman and CEO Sheikh Nawaf Saud Al-Sabah said last week that the country expects to raise oil production to 2 million barrels per day within a week. May output averaged 573,000 barrels per day.
Sheikh Nawaf Saud Al-Sabah added that prewar production levels could be restored within weeks once regular international commercial shipping to Kuwait ports resumes. The United States and Iran signed a memorandum of understanding to reopen the Strait of Hormuz.
Iran claimed on Saturday that it had closed the waterway again because of Israeli strikes in Lebanon, while the United States maintains that the strait remains open and that millions of barrels of oil continue to flow out of the Gulf.
