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Asian refiners seeking more oil from outside Iran after U.S. sanctions - KPC CEO

Reuters  |  BEIJING 

By Chen Aizhu

(Reuters) - Asian refiners are seeking alternatives to Iranian from Saudi Arabia, Kuwait, the United Arab Emirates and after the pledged to renew sanctions on Iran, Petroleum Corp (KPC) told on Monday.

Speaking on the sidelines of an event in Beijing, al-Adsani confirmed KPC has increased output by 85,000 barrels per day (bpd) as part of last month's agreement by the Organization of the Petroleum Exporting Countries (OPEC) to raise output. Any further increases would depend on OPEC, he said.

"There is demand now ... as sanctions are implemented on ... Some of the companies are trying to find other options other than Iran, be it the kingdom (Saudi Arabia), Emirates, or Kuwait," he said.

Also speaking to at the event, Kuwait's Minister said he does not expect OPEC to hold another meeting to discuss the market before its next scheduled gathering in December.

"The market is stable enough, we'll be producing more than enough to stabilise (the oil) market," he said.

Al-Adsani and al-Rashidi were speaking on the sidelines of an event during Kuwaiti Sheikh al-Ahmad al-Sabar's state visit to this week to attend a China-Arab summit.

Their comments come after last month's OPEC meeting where the group, along with non-OPEC producers such as Russia, agreed to raise output from July by about 1 million bpd.

The United States, and had urged to release more supply to prevent an that could undermine global economic growth.

(Reporting by Aizhu Chen; writing by Josephine Mason; Editing by and Manolo Serapio Jr.)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 16:41 IST