The Kuwait Petroleum Corporation (KPC) recently announced signing a long-term crude oil supply deal with Shell International Trading Company (SITCO), Investing.com reported, adding that deal will introduce Kuwaiti oil to the European market for the first time in history.
This deal is a renewal of a previous contract with SITCO. However, the new deal entails doubling the amount of crude oil shipped. A second deal will bring Kuwaiti oil to Europe. These new deals with the international trading company seek to establish KPC’s crude oil in new markets around the world.
KPC Marketing Director believes that the first contract will help KPC sales rebound from the 2013 drop, according to the website.
Worth noting, global oil prices have been on the decline since June falling to as low as $77.5 per barrel. Such declines have pressured oil producers around the world to cut their prices in order to compete with the market.
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