Kuwait's KPC offers first spot fuel cargoes since Iran war, sources say

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Kuwait Petroleum Corp (KPC) has offered prompt-loading fuel products on a spot basis for the first time since the start of the Iran war, four sources familiar with the matter say, Reuters reports.

Separately, KPC was offering 4 million barrels of crude via tender. The oil, which is outside the Persian Gulf, is offered to buyers in Asia, a fifth source with direct knowledge of the matter said.

The state firm offered at least one 90,000 metric ton (670,500 barrel) cargo of 10ppm sulphur gasoil and one 55,000-60,000 ton (489,500-534,000 barrel) cargo of naphtha for June loading via private negotiations, three of the sources said. It could not immediately be determined if any deals were completed.

The force majeure declared by KPC in March for exports remains in place, the sources said. KPC did not immediately respond to a Reuters request for comment.

Buyers have the option to either lift the fuel cargo via ship-to-ship transfers in regions outside the Strait of Hormuz, such as the west coast of India or Sohar in Oman, the sources said. There is also an option to load the cargo from Fujairah tanks, one of the four sources said.

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