TOKYO/SINGAPORE, Sept 7, (Agencies): Kuwait has notified at least three Asian buyers it will supply October-December crude at 5 percent below contracted volumes, sources said on Tuesday, tightening supplies versus the third quarter. For the July-September quarter, Kuwait Petroleum Co (KPC) gave mixed allocations on supplies to Asian buyers, with some receiving full volumes and some others receiving 5 percent less than the contracted amount.

KPC also said it would keep restrictions on its operational tolerance policy by not allowing customers the ability to load up to 5 percent above contracted supplies on cargoes, one source said. The ban has been in place since late December 2008. The moves came after Abu Dhabi raised Murban and Lower Zakum crude supply in October by imposing lower cuts of 15 and 10 percent respectively, versus a 20 percent reduction in September. It also came after Qatar said it would supply full contracted volumes of Qatar Marine and Land for October. Top oil exporter Saudi Arabia is expected to release its allocations for October as early as later on Tuesday.

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KUWAIT CITY: Kuwait’s crude oil fetched $71.94 per barrel on Monday, up 18 cents compared to last Friday, the Kuwait Petroleum Corporation (KPC) said on Tuesday. Kuwait oil prices took on a see-saw trend in recent weeks due to daily speculations on the oil market, as well as geo-political and geo-psychological effects. The current price of Kuwait’s oil is in line with the Opec targeted level.