KUWAIT: The price of Kuwaiti oil went up by $2.98 to $123.03 per barrel on Tuesday as opposed to $120.05 pb the day before, Kuwait Petroleum Corporation (KPC) said Wednesday. The price of the Brent crude globally went down by $1.10 to $121.17 per barrel, the same occurred to the West Texas Intermediate, which went down by $2.00 to $118.93 pb. The Price of OPEC's basket of oils rose by $3.7 to reach $123.73 per barrel on Tuesday against $120.66 pb on Monday.

Bulletin of the Organization of Petroleum Exporting Countries said on Wednesday the annual average rate of the crudes' basket, last year, reached $69.89 pb. The OPEC+ alliance countries agreed on June 2 to increase their production by 648,000 barrels for July and August. The current additional quantities are exceeding the previously agreed monthly increases of 432,000 barrel per day, a statement issued by OPEC+ alliance countries said. OPEC+ countries are set to hold a meeting on June 30, 2022, to follow up on market conditions. - KUNA