Kuwait has extended contracts to supply oil to Indian refiners by 3 months until March 2022 due to the delay in operating the Al-Zour refinery, which has a capacity of 615,000 barrels per day, according to ‘Reuters’, citing well-informed sources.
Al-Rai quoting sources said, trade data showed that India, the third largest importer and consumer of oil in the world, imported about 382,000 barrels per day from Kuwait in November, the highest level since March 2015, indicating that India’s oil imports from Kuwait rose from March to November 2021 by about 45 percent compared to between 100,000 to 253,000 barrels per day compared to the same period a year ago.
On the other hand, data from the General Administration of Customs in China showed that Kuwaiti oil shipments to China increased in November by about 31 percent from their level a year ago, while UAE oil exports to Beijing rose by about 71 percent.
Two sources from “OPEC+” said that the group’s commitment to oil production cuts amounted to 117 percent in November, up from 116 percent in October, which indicates that the group’s production levels are still below the agreed goals.
Data seen by “Reuters” showed that the commitment of the ten OPEC countries participating in the production cuts amounted to 122 percent, while the compliance of the participating countries outside OPEC reached 107 percent.
Oil prices fell by more than 5% during trading yesterday, before the markets returned and reduced these losses a little, as the increase in infections with the “Omicron” mutator in Europe and the United States fueled investor fears that imposing new restrictions on business to combat its spread would reduce demand for fuel.
Brent crude fell by more than $3.19, or 4.48 percent, to $70.4 a barrel, while US West Texas Intermediate crude fell by 4.48 percent, or $3.43, to $67.34.
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