Kuwait Lowers Oil Prices

An official document revealed that Kuwait has decided to reduce the official selling price for its crude oil exports to Asian markets for next August. The price has been set at five dollars per barrel below the average prices of Oman and Dubai crude benchmarks. The decision also included adjusting the official selling price for Kuwait Export Crude (KEC), also directed to Asia, to the same level for the mentioned period in 2026. This pricing adjustment comes as part of a strategy adopted by oil-exporting countries to align their monthly prices with the changes in global energy markets. The average prices of Oman and Dubai crude are considered the primary benchmark used by most Gulf countries in pricing their crude oil sales destined for the Asian continent.