Kuwait Cuts January Crude Price To Lowest Since 2008

Kuwait set the official selling price (OSP) for its crude oil sales to Asian buyers for January at $3.95 a barrel below the average of Oman/Dubai quotes, a trader said on Thursday.

The January OSP, down $1.85 a barrel from the previous month, is Kuwait’s lowest since December 2008, Reuters data showed. The cut was in line with a reduction made by Saudi Arabia for its Arab Medium grade last week.

Kuwait maintained a 50-cent discount against Saudi’s Arab Medium.

Last week, Saudi Arabia slashed prices of its crude to Asia and the United States. Discounts on Saudi crude oil for Asian customers in January were the biggest since at least 2002, according to Reuters data, while prices were cut to the United States for the fifth month in a row.