Kuwait's KPC to introduce new pricing mechanism for its crude oil

Kuwait Petroleum Corporation (KPC) said on Tuesday it was modifying its Asia crude oil pricing marker.

The change for the pricing mechanism of its Kuwait crude oil bound for the east of Suez will take effect from Feb. 1, the company said in a statement.

KPC's marker was the average of Platts Dubai and Platts Oman assessments. The new marker will replace Platts Oman with the Dubai Mercantile Exchange (DME) Oman while maintaining the Platts Dubai component.