According to a source cited by Bloomberg, Kuwait plans to increase its jet fuel and diesel shipments to the European Union (EU) in 2023 to assist offset the decline in Russian supply. The source claims that Kuwait will raise its exports of jet fuel to approximately 5 million tons and its exports of diesel to the EU by five times to 2.5 million tons (or 50,000 barrels per day).

The state-owned Kuwait Petroleum Corp. intends to export jet fuel without selling it on the spot market, according to the agency’s spokesperson. This suggests that the true amount of its supply to Europe may be greater. The United Arab Emirates and Saudi Arabia, two other Middle Eastern oil producers, are anticipated to increase their fuel supplies to the EU in 2023.

According to Bloomberg, Kuwait has recently invested tens of billions of dollars in modernizing and constructing new refineries. The Al Zura refinery, with a daily capacity of 615,000 barrels of crude oil, was the biggest. The refinery’s first of three production lines, according to the source, already processes more than 205,000 barrels per day. By mid-February, the second line must be operational, the third will launch by April. Kuwait’s overall refining capacity will increase to around 1.5 million barrels per day once the refinery is fully operational.

source: bloomberg.com