Kuwait's state-owned Kuwait Petroleum Corp. is seeking buyers for at least 4 billion barrels of the nation's main export grade crude in signs that flows from the critical Strait of Hormuz are opening up, Bloomberg News reported Tuesday, citing traders familiar with the matter.
The oil is reportedly being offered to refiners in at least China and South Korea and is carried on two very large crude carriers that have already exited the waterway and can promptly dock in ports in Asia.
The offer adds to evidence that a closure in the Hormuz is easing, though oil shipments from the region are yet to reach pre-war levels, the report said.
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