Lower Kuwaiti exports follow cuts from OPEC kingpin Saudi Arabia that have pushed Brent prices close to $90 a barrel and left little wriggle room for Asia's refiners, reliant on the Middle East for more than two-thirds of crude imports. Chinese refiners, which have invested heavily in new plants designed to process sour oil, are especially exposed. Discounted oil from Russia has eased some of the pain, replacing some Kuwaiti supply, largely to China and India. Additionally, Kuwait's joint venture 230,000 bpd Duqm refinery in Oman is scheduled to start operation by end-2023, which could reduce Kuwaiti crude exports by a further 100,000 bpd to 200,000 bpd in 2024, the consultancies said. Formosa could replace Kuwaiti supply with grades such as Iraq's Basra Medium, Qatar's al-Shaheen and Oman crude, Lin said, adding it can also process U.S. light sweet crude.

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Persons: Brent, Asia's, Janiv Shah, Sun Jianan, Al Zour, consultancies, KPC, Lin, al, James Forbes, Muyu Xu, Florence Tan, Sonali Paul Organizations: Kuwait Oil Tanker, Oil, Companies, Lower, Saudi, United Arab, Rystad Energy, P, Kuwait Petroleum Corp, Shenghong, Taiwan Formosa Petrochemical Corp, FGE, Dubai, Brent, Thomson Locations: Kuwait, Pier, Companies Kuwait, SINGAPORE, OPEC, Lower Kuwaiti, Saudi Arabia, Russia, China, India, Iraq, United Arab Emirates, UAE, Taiwan, Pakistan, Philippines, Thailand, Oman, PetroChina's, Guangdong, Japan, South Korea, Vietnam, Formosa, Basra, Shaheen, Brent, Dubai