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Press Dossier    By Date   01/02/2023 KPC announces liquefied gas prices for Feb

Kuwait Times, Wednesday, Feb 01, 2023 | Rajab 10, 1444

KPC announces liquefied gas prices for Feb

Kuwait: Kuwait Petroleum Corporation (KPC) announced Tuesday the new prices of liquefied petroleum gas (propane) and (butane) for the month of February. The corporation said in a statement that one metric ton of propane gas will be sold for $790 in February and one metric ton of butane gas will be sold for $790.

Liquefied petroleum gas (propane) and (butane) are used in the petrochemical industry, in addition to other uses as fuel, cooking, heating and other uses. The prices of liquefied gas are affected by the oil prices in the global markets, as they are a major determinant of the prices of these materials, in addition to being affected by the forces of supply and demand in the market and other factors.

The price of Kuwaiti oil went down by $1.77 to $84.65 per barrel on Monday as opposed to $86.42 pb last Friday, said KPC on Tuesday. The prices of the Brent crude and the West Texas Intermediate, went down respectively by $1.76 and $1.78 to settle each at $84.90 per barrel and $77.90 pb.

Meanwhile, Kuwait’s crude oil exports to Japan in December jumped 19.4 percent from a year earlier to 8.11 million barrels, or 262,000 barrels per day (bpd), for the first increase in four months, government data showed Tuesday. As Japan’s third biggest oil provider, Kuwait supplied 8.8 percent of its total crude imports, compared with 7.4 percent in the same month of last year, the Japanese Natural Resources and Energy Agency said in a preliminary report.

For the whole of 2022, Kuwait’s crude oil exports to Japan stood at 221,000 bpd, up 5.9 percent from the previous year, and took up 8.1 percent of total Japanese crude imports. Japan’s overall imports of crude oil in December edged down 0.3 percent year-on-year to 2.96 million bpd, down for the second month in a row.

Shipments from the Middle East accounted for 93.2 percent of the total, down 2.0 percentage points from the year before. By country, Saudi Arabia was in the top spot, although imports from the kingdom declined 5.6 percent from a year earlier to 1.21 million bpd, followed by the United Arab Emirates with 1.08 million bpd, down 1.7 percent.

Qatar ranked fourth with 127,000 bpd and the US fifth with 119,000 bpd, respectively. For the full year 2022, Japan’s crude oil imports rose 9.7 percent to 2.73 million bpd. Japan is the world’s third biggest oil consumer after China and the US.

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