Kuwaiti oil price up $1.04 to $42.88 pb

KUWAIT: The price for Kuwaiti oil went up Friday by $1.04 to settle at $42.88 per barrel (pb) after being at $41.84 pb the day before, said Kuwait Petroleum Cooperation (KPC) yesterday In the global market, prices also went down after a hiked US dollar encouraged investors to sell.

The Brent mix price was down nine cents to settle at $48.72 pb, a similar case was with the American crude; down 41 cents, to settle at $47.75 pb. The OPEC daily basket price stood at $43.84 a barrel Thursday, compared with $44.88 the previous day, the OPEC said on Friday.

The annual average of the OPEC basket price hit $49.64 pb, it said in a press release. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

During their recent meeting in Vienna in late 2015, OPEC member countries had decided to maintain their production at 30 million barrels per day (bpd) despite a surplus in the market estimated at over a million barrels. — KUNA

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