Oil price down | kuwaittimes

BASRA: An Iraqi worker operates valves at the Rumaila oil refinery, near the city of Basra, 550 kilometers southeast of Baghdad, Iraq. Iraq's prime minister says his country will agree to cut production to boost oil prices. OPEC members will try to complete a production-cut deal when they meet today in Vienna. — AP

Oil price down

By Kuwait Times

March 18, 2017 | 10:09 p.m EDT

KUWAIT: The price of Kuwaiti oil went down by 40 cents to $48.40 per barrel Friday after being at $48.80 pb the day before, Kuwait Petroleum Corporation (KPC) said yesterday.

Globally, the price of oil was stable amid anticipation over efficiency of the OPEC and other major world producers’ decision to reduce oil production. The increase of both US shale oil production and American oil reserves also had an impact on the prices. —KUNA

March 18, 2017 10:09 PM

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