(MENAFN- Arab Times) Kuwait Petroleum Corporation (KPC) looks to increase its sales of fuel oil, used for sea vessels, and derivative marine products to the international community.
The step is linked to increasing refineries locally on one hand and attaining the precise demands of international clients on the other, Director of Fuel Oil Sales at KPC Sheikh Khaled Al-Sabah said in an interview with the staff magazine. "International standards have set precise requirements, in light of emissions resulting from the burning of fuel oil, which could harm the environment," he said.
"This is why KPC has taken it upon itself to improve the quality and types of fuel oil according to international standards and regulations."
Prices of oil are forecast to be unstable and turn downward in coming days but will not fall below the level favored by the producers; $100 per barrel, according to Petroleum Policy Intelligence.
The British foundation, specialized in oil issues, based its forecast on anticipation of possible closure of the key Hormuz strait by Iran and possible implementation of new plans to spur the American and European economies. "All these factors make it difficult to predict fall below the level of 100 barrels, " the report said. Saudi Arabia has increased its production, in June, to 10.3 million barrels per day with a rise of 445,000 barrels, in May, but this move did not ease off pressure on the prices. (KUNA)
Drop of overall production by OPEC states, in June, by 106,000 barrels per day, was due to international curbs, imposed on Iran's oil exports.
Prices nowadays are being affected with geopolitical, rather than technical, factors, the report said, forecasting drop of the Iranian oil experts by 300,000 bpd day in the near future, thus putting pressure on the other producers that would be compelled to hike the output.
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