Kuwaiti Crude Heading for Japan

Kuwait's newly launched Super Light crude oil is increasingly finding buyers in Japan and South Korea, market sources said on Friday. "With ample availability, it is an interesting grade," a source at a Northeastern Asian refiner was quoted as saying by Platts. "In the meantime, it is difficult to assess the value of the grade in comparison with other light crudes and condensate." Kuwait has loaded five to six cargoes of Super Light crude for export, following its first recent shipment bound for Japan, a source with knowledge of the matter said. An assay of the new grade attached to the tender document indicates the grade has an API gravity of 48 degrees and a sulfur content of 0.35% weight. Kuwait currently ships around 2 million barrels per day of its single export grade, which has a gravity of 31 API degrees. Most of its exports go to Asia, along with 8% to the US and 7% to Europe.