Platts to start assessing price of Malaysia's Kimanis oil from Feb


Analysts said that despite the Paris attacks and resulting French airstrikes in Syria, prices would remain low for the rest of the year and into 2016 as oil markets stay oversupplied, with most estimates for 2015 ranging from production outpacing demand by 0.7-2.5 million barrels per day. (This file photo shows an oil well near Tioga, North Dakota - AFP)

SINGAPORE: Oil pricing agency Platts will publish daily price assessments for Malaysia's Kimanis crude starting from Feb. 9.

The grade has "emerged in recent months as one of the most widely traded light, sweet grades in the Asia Pacific spot market," Platts said in a note on its website released late on Wednesday.

The price assessments for Kimanis cargoes for lifting on a free-on-board basis from Sabah will be published as an outright number at the close of Asia and London markets and as a differential to Dated Brent at Asia's close, the agency said.

The crude, with an API gravity of 38.61 degrees and a sulphur content of 0.06 percent, is produced at the Gumusut-Kakap oil project off East Malaysia's state of Sabah.

Kimanis crude exports began in November 2014 and currently average about 100,000-120,000 barrels per day, Platts said.

Royal Dutch Shell operates the Gumusut-Kakap project with a 33 percent share in the project. Other shareholders include ConocoPhillips and Petronas' upstream division Carigali. - Reuters
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