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‘$30 per barrel cost added due to crisis’

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KUWAIT CITY, June 25: Bloomberg Agency quoted the CEO of the Kuwait Petroleum Corporation, Nawaf Saud Al- Sabah, as saying that $30 per barrel was added to the costs of oil production due to the Russian-Ukrainian war, reports Al-Qabas daily. Al-Sabah said on the sidelines of the Qatar Economic Forum: “There are additional costs or what we call (war premium) of about $30 per barrel in oil prices currently. There are no indications of the destruction of demand in the oil markets due to the high prices, despite the slowdown in growth.”

He added, “European buyers are hoping for more refined oil from Kuwait, before the Al-Zour refinery is fully operational, as we receive more European orders for Kuwaiti oil products, and by the end of the year we will produce about 615,000 barrels of oil per day that will be refined into diesel and low-sulfur fuel oil.” He added, “Kuwait has sufficient production capacity to reach its full production OPEC quota and respond to any future increase,” and added that there are no plans now to list units of the Kuwait Petroleum Corporation on the stock exchange, but that may change over time.

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