Kuwait City – Kuwait Petroleum Company dismissed news reports of a drop in crude exports to the United States as “inaccurate and do not explain the implications of a reduction in the rate of exports between the two countries”.
Bloomberg reported earlier that Kuwait had all but stopped shipping crude to the United States for the first time since the aftermath of Saddam Hussein’s invasion in 1990.
The last time that the US didn’t buy Kuwaiti oil was back in 1992, which saw Iraqi troops enter the country, bringing the local oil industry to a standstill.
Meanwhile, the climax of Kuwaiti exports to the US fell on 2012-2014, with the latter helping the emirate to diversify supplies.
According to Bloomberg, Kuwait has shifted its focus from the US market to the more booming Asian ones, which currently take up to 80 percent of the emirate’s exports.
New possibilities are opening up in light of the upcoming new batch of US sanctions against countries trading with Iran, expected to take effect beginning in November. Top quality Kuwait-produced oil trades at 80 dollars per barrel across Asia.
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