Kuwait oil price jumps by $16.32 to $127.71 pb | kuwaittimes

Kuwait oil price jumps by $16.32 to $127.71 pb

March 08, 2022 | 08:14 p.m EDT

KUWAIT: Kuwaiti oil price surged by $16.32 to $127.71 per barrel (pb) on Monday, compared with Friday's $113.39 pb, as reported by Kuwait Petroleum Corporation (KPC) yesterday. In the world market, the Brent crude went up by $5.1 to $123.21 pb, and the West Texas Intermediate went up by 3.72 cents to settle at $119.40 pb. The price for OPEC's daily basket of crude rose by $13.36 to $126.51 per barrel (pb) on Monday, compared with $113.15 pb last Friday, the cartel said yesterday.

The annual average of the organization's basket price hit $69.89 a barrel, it said in its bulletin. The OPEC+ alliance involving OPEC and non-OPEC members decided during a meeting last week to maintain the current production plan targeting a phased-out output increase of 400,000 barrels a day in April. - KUNA

March 08, 2022 08:14 PM

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