Weakness in global oil markets has significantly hit the profits of state refiner Kuwait National Petroleum Company (KNPC), according to CEO Muhammad al-Mutairi. Yet, while Kuwait is the only GCC country that has not reduced subsidies on transport fuels, diesel – its main export – currently fetches more on the domestic market than on the Middle East spot market.
The bulk of KNPC’s income normally comes from products exports, which account for almost 75% of refinery output. In the first three quarters of 2015, KNPC refineries delivered an average 1.07mn b/d of products, according to Jodi, while total products exports averaged 792,000 b/d. (CONTINUED - 745 WORDS)
