Kuwait Petroleum Corporation #KPC sees the global oil market in balance through at least the first half of this year, its chief executive said on Tuesday.

Demand from China is seeing a sustainable increase, Nawaf Al-Sabah told reporters at the CERAWeek energy conference in Houston.

The CEO of the national oil company added that Kuwait has not lost any market share in China from discounted Russian oil barrels.

KPC’s customers have not asked for reductions or increases in oil supply from the company, Al-Sabah said. He added that the company is staying mindful of the effect a potential recession could have on the global economy and oil market.

During a conference discussion, Al-Sabah referenced an announcement from earlier on Tuesday that second phase units for Kuwait’s Al Zour refinery are now operating. State news agency KUNA previously reported the news, citing KIPIC CEO Waleed Al-Badr.

The much delayed 615,000 barrel-per-day (bpd) refinery is one of several new complexes coming online this year across the world to churn out more oil products and cool refining margins from record levels last year following the disruption of supplies from top exporter Russia.

Kuwait is set to ramp up refined oil product exports from the Al Zour refinery in the second half of 2023 to plug Russian shortfalls in Europe and meet growing demand in Asia and Africa, Reuters previously reported in February, citing industry sources and analysts.

The Kuwait Integrated Petroleum Industries Company shipped its first shipment of low-sulfur fuel oil from the Al Zour refinery to Singapore, KUNA reported in November.

Source: Reuters (Reporting by Stephanie Kelly Editing by Marguerita Choy)

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