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Kuwait oil price up by 15 cents

KUWAIT: Kuwait oil price went up by 15 cents to reach $39.72 per barrel in Tuesday’s trading, according to Kuwait Petroleum Corporation (KPC) yesterday. In international markets, Brent Crude futures went lost 1.8 percent to reach $40.44 pb yesterday, as well as the West Texas Intermediate crude oil losing 2.3 percent to reach $38.67 pb.

The OPEC daily basket went up to $39.53 per barrel Tuesday compared with $39.22 the previous day, the organization said yesterday. OPEC said 2019 average price was $52.43 pb. OPEC said in a recent report global demand for its crude in 2020 dropped by around seven million barrels per day to $22.4 million bpd.

It anticipated international demand on its crude to increase by 5.6 million bpd to 27.9 million bpd in 2021. The Joint Ministerial market Monitoring Committee had earlier this week reaffirmed commitment of OPEC and non-OPEC countries to the OPEC+, which aimed cutting nine million barrels per day to restore stability in oil markets.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). – KUNA

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