Kuwait issues first tender to sell super light crude oil

Kuwait Petroleum Corp. (KPC) has issued its first-ever tender to sell a new grade of crude oil in Asia, Reuters reported, citing three industry sources with knowledge of the matter.

KPC offered 500,000 barrels of Kuwait Super Light Crude (KSLC) that will load on July 26 to 27 in a tender to close later on Wednesday, the sources said.

The tender will remain valid until 1200 GMT (4 pm in Dubai).

KPC sought bids at a premium to the average of Platts Oman-Dubai quotes, they said.

The crude was blended with Kuwait Export Blend and first exported this month to Japan, a source said.

A crude buyer said his company was likely to compare KSLC's pricing with Saudi's Arab Super Light crude.

The crude's API gravity is expected to be at 48 degrees and there will be a price adjustment of $0.003 per barrel for every 0.1 degree change, either higher or lower, the sources said.

The tender offer comes after the Organization of the Petroleum Exporting Countries (OPEC) last week agreed to raise output from July by about 1 million barrels per day.