Kuwait cuts July crude oil selling price; Asian crude premium plunges by $7.5 month-on-month

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Following the release of June crude oil pricing data, Kuwait Petroleum Corporation announced the official selling prices for July crude oil exports, comprehensively lowering the benchmark premiums for all crude oil grades shipped to Asian, European, and U.S. markets.

In the Asian market, the premium to Kuwait Export Crude in July was $5.25 per barrel over the regional benchmark price, a sharp decline from the $12.75 per barrel premium in June; Kuwait Super Light Crude has maintained consistent pricing with Kuwait Export Crude to the third consecutive month.

Regarding the split pricing to the European region: the premium to Kuwait Export Crude supplied to Northwest Europe and the Mediterranean markets was $0.40 per barrel in July, compared to a high premium of $8.40 per barrel in June, marking a significant reduction.

Export crude oil destined to the U.S. market saw a simultaneous price cut, with a July premium of $11.40 per barrel, a decrease of $2.00 per barrel compared to June's $13.40 per barrel.

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