More than 4 million b/d of new refining capacity seen in Asia by 2020 * Arbitrage economics still main driver of US-Asia trade flows * Asian buyers need to watch shipping costs

The new facility will feature six deep-water berths.

* Control over oil province of Kirkuk to be flashpoint * KRG independence referendum expected to pass as Kurds head to polls * Iraq expects transition on Shell's Majnoon exit in two months

Led by sluggish transportation fuels demand, consumption of bunker C fuel also saw a slide.

After administration pushes selloff, Secretary Perry backs SPR, Import cover no longer seen as proper metric for size, Changing risks, shale's unclear path underscores stockpile need.

Russian fuel oil exports in August fell 20.3% on the year to 3.01 million mt.

Singapore 380 CST high sulfur fuel oil cash differentials rose to a three-month high Friday.

S&P Global Platts assessed 380 CST high sulfur fuel oil at the Turkish port at $350/mt delivered Thursday, a $5/mt rise on the day and its highest since January 17.

* South Korea eyes 250,000 b/d of South Pars condensate in Q4 * South Pars condensate still seen cheaper than rival Qatari grades

* Not all members on board with tracking exports for compliance * Kuwaiti minister says it's too early to consider extending cuts * Novak sees current oil price between $50-$60/b as 'fairly good'

* Congress or White House could reimpose Iran oil sanctions * Analysts debate impact of US-only sanctions on oil market * Iranian crude could again shift to Asia, away from Europe

The US will impose new sanctions designed to cut off funding for North Korea by targeting individuals and companies that trade with the Kim Jong-un regime.

The damages caused by Hurricane Maria in Puerto Rico have left the island without power potentially for several months, causing uncertainty in the US and Latin American LSFO market.

Decreasing stocks, especially of distillates, and low refining availability elsewhere in the world have improved prospects for European refiners.

Speaking at the Platts European Refining Summit in Brussels Thursday, European refiners were cautiously optimistic on their ability to provide compliant 0.5% sulfur marine fuels from 2020 onwards to meet IMO regulations.

LPG bunkering could be a cost effective solution to meet environmental rules.

"Take, for example, the sulfur cap issue ...a lot of [ship] owners are simply waiting, because anything can happen between now and January 2020," IMC Shipping's Lim said.