SEOUL (Reuters) – A South Korean refining company is heading to receive less Kuwaiti crude in May due to a cut in Middle East country supplies, a source familiar with the matter said.
A South Korean refining
This comes as the Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to cut their production by 9.7 million barrels per day in May and June to reduce the global supply glut after the demand for fuel around the world fell by nearly 30 percent in light of the Coronavirus pandemic.
The source, who requested not to be identified because of the sensitivity of the issue, declined to mention the amount of the reduction.
But he added that the refining company would receive the full amount of Saudi crude in May.
Kuwait is among the top five crude suppliers to South Korea.
Kuwait is among the top five crude suppliers to South Korea. In March, the world’s fifth-largest importer of crude oil received 1.38 million tons of crude from Kuwait, or 327,446 barrels a day, down 15.8 percent from 1.64 million tons, according to customs data.
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