KUWAIT: The Kuwaiti oil price rose by 52 cents to $106.71 per barrel on Monday, compared with $106.19 pb Friday, Kuwait Petroleum Corporation (KPC) said Tuesday. Globally, the Brent crude went up by $3.14 to $107.53 pb and West Texas Intermediate also rose by $4.01 to settle at $103.28 pb.
The price for OPEC’s daily basket of crude increased by a dollar and 33 cents to $106.23 per barrel (pb) on Monday, compared with $104.90 pb four days earlier, the cartel said. The monthly average of the organization’s basket price last month amounted to $113.48 pb while its annual average is $68.9 pb, it said in a statement. Key oil-producing states decided at the conclusion of meetings at diverse levels on Thursday to maintain a previous accord to raise the daily output of the crude by 432,000 barrels per day.
They agreed to reconfirm the baseline adjustment, the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of May 2022, as per the attached schedule. – KUNA