Kuwait's crude exports to S. Korea hit 7-mth high OPEC basket price rises to $106.4pb

TOKYO, July 22, (KUNA): Kuwait's crude oil exports to South Korea grew 2.5 percent in June from a year earlier to a 7-month high of 13.15 million barrels, or 438,000 barrels per day (bpd), according to latest data released by the state-run Korea National Oil Corporation on Monday. The figure marked the first expansion in two months and the highest since November 2012, when Kuwait's crude shipments to the Asian nation reached 14.06 million barrels (469,000 bpd). As South Korea's number two supplier, Kuwait provided 17.0 percent of South Korea's total crude oil imports in June, compared to a 16.3 percent share in the same month of last year. Overall South Korea's crude oil imports last month went down 1.6 percent year-on-year to 77.32 million barrels (2.58million bpd). South Korea, with its heavy industrial base, is the world's fifth-biggest oil importer.

Saudi Arabia remained its top crude supplier, with imports from the kingdom growing 5.0 percent from a year earlier to 834,000 bpd. The United Arab Emirates ranked third with 302,000 bpd, up 54.9 percent, followed by Qatar and Iran.
The price of the basket of crudes of the Organization of Petroleum Exporting Countries (OPEC) was up 29 cents on Friday to trade for $106.4 per barrel (pb), compared to Thursday's price of $106.11 pb.
The OPEC price bulletin Monday said the annual price of the 12-crude basket for last year was $109.45 pb.
The current OPEC Reference Basket of Crudes (ORB) is made up of 12 crudes. It includes Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).
OPEC oil ministers had agreed in their meeting in late May to maintain the current output cap of 30 million barrels per day.



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