According to the CEO of Kuwait Petroleum Corporation, the global oil market will be stable for the first half of this year, he said at a press conference in Houston on Tuesday.
According to comments made by Nawaf Al-Sabah to reporters at Houston’s CERAWeek energy conference, the growth in Chinese demand is steady and expected to continue.
The head of the state oil company also said that cheap Russian oil barrels haven’t cost Kuwait any business in China.
Al-Sabah stated that KPC’s customers have not requested a decrease or increase in the company’s oil supply. He also said that the firm is prepared for the impact that a recession could have on the international economy and oil prices.
Al-Sabah mentioned the Tuesday announcement that the second phase units at Kuwait’s Al-Zour refinery are now operating during a conference. KIPIC CEO Waleed Al-Badr was quoted in a previous report by state news agency KUNA.
There are several new complexes opening this year around the world to increase oil product output and reduce refining margins from record highs last year due to disruptions in supplies from top exporter Russia. One of these is the long-delayed 615,000 barrel-per-day refinery.
According to a Reuters report from February, which cited unnamed industry sources and analysts, Kuwait plans to increase exports of refined oil products from the Al-Zour refinery in the second half of 2023 in order to make up for Russian shortfalls in Europe and keep up with rising demand in Asia and Africa.
According to a KUNA report from last November, the Al Zour refinery of the Kuwait Integrated Petroleum Industries Co. sent its first cargo of low-sulphur fuel oil to Singapore.
