Mubasher: Kuwait Petroleum Corporation (KPC) has issued its first ever tender to offer a new grade of crude oil, Kuwait Super Light Crude (KSLC), in Asia, as reported by Reuters on Wednesday.

KPC has offered 500,000 barrels of KSLC for the sale in Asia, the crude oil will load on 26 to 27 July in a tender that closed at 12:00 GMT on Wednesday, the sources clarified.

“The tender offer follows last week's meeting of OPEC where the group, along with non-OPEC producers such as Russia, agreed to raise output from July by about 1 million barrels per day. Saudi Arabia pledged a "measurable" supply boost but gave no specific numbers,’ as reported by The National on Wednesday.

KPC currently targets bids at a premium to the average of Platts Oman-Dubai quotes, Reuters noted.

“The crude's API gravity is expected to be at 48 degrees and there will be a price adjustment of $0.003 per barrel for every 0.1 degree change, either higher or lower,” The National reported, according to sources.