Adnoc keeps August sulphur price steady at $1,000/t; KPC cuts price
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IN SHORT
Adnoc has maintained its August sulphur official selling price at $1,000 per tonne, keeping it steady from July. In contrast, Kuwait's KPC has reduced its August sulphur price by $85 per tonne to $865 per tonne, citing increased freight costs. Meanwhile, Oman has announced a new climate plan targeting a reduction of up to 33% in emissions by 2035. This plan includes an unconditional 7% cut and a further 26% reduction dependent on international assistance.
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Key Numbers
$1,000/tAdnoc August sulphur official selling price
$85/tKPC August sulphur price cut
$865/tKPC August sulphur price
33%Oman's target emissions reduction by 2035
2024-2035Oman's emissions reduction target period
7%Oman's unconditional emissions reduction by 2035
26%Oman's conditional emissions reduction by 2035
Who's Involved
Adnoc
company maintaining August sulphur price
KPC
Kuwaiti company cutting August sulphur price
Oman
country unveiling new climate plan
Key facts
Adnoc maintained its August sulphur official selling price at $1,000/t fob Ruwais.
Adnoc's August sulphur price is unchanged from July.
Kuwait's KPC cut its August sulphur price by $85/t.
KPC's August sulphur price is $865/t fob Kuwait.
KPC cited rising freight costs for its price cut.
Oman unveiled a new climate plan.
Oman targets emissions reduction of up to 33% by 2035.
The emissions reduction target is for the period 2024-2035.
Oman committed to an unconditional 7% emissions reduction by 2035.
Oman aims for an additional 26% emissions reduction contingent on international support.
Adnoc has announced its official selling price for sulphur for August, setting it at $1,000 per tonne fob Ruwais. This price remains unchanged from the previous month's level in July. In a separate development within the regional energy markets, Kuwait Petroleum Corporation (KPC) has lowered its sulphur price for August. KPC's August price is set at $865 per tonne fob Kuwait, representing a reduction of $85 per tonne from its previous pricing. The company cited rising freight costs as a contributing factor to this price adjustment.
In a different sector, Oman has revealed its updated climate strategy, aiming to significantly reduce its greenhouse gas emissions. The country's new plan targets an overall emissions reduction of up to 33% within the period spanning from 2024 to 2035. This ambitious target is structured into two components. Oman has committed to an unconditional reduction of 7% by the year 2035. Additionally, the country aims for a further reduction of 26%, but this portion is contingent upon receiving international support and climate finance.
↳ Why This Matters
Adnoc has announced its official selling price for sulphur for August, setting it at $1,000 per tonne fob Ruwais. This price remains unchanged from the previous month's level in July. In a separate development within the regional energy markets, Kuwait Petroleum Corporation (KPC) has lowered its sulphur price for August. KPC's August price is set at $865 per tonne fob Kuwait, representing a reduction of $85 per tonne from its previous pricing. The company cited rising freight costs as a contributing factor to this price adjustment.
Frequently asked questions
Adnoc's August sulphur OSP is $1,000/t fob Ruwais, unchanged from July.
Kuwait's KPC has set its August sulphur price at $865/t fob Kuwait, an $85/t decrease from July.
Freight rates for shipments to Chinese ports were $140-145/t as of July 30, with additional insurance premiums potentially raising delivered costs significantly.
Increased shipping costs are influenced by geopolitical events, particularly risks associated with vessels entering the Strait of Hormuz.
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