KPC: Kuwait oil price down USD 3.52 to USD 104.85 pb

KUWAIT: The price of Kuwait oil fell by $3.52 to $104.85 per barrel on Wednesday in contrast to $108.37 pb the day before, Kuwait Petroleum Corporation (KPC) said Thursday. Globally, the Brent crude went up eight cents to $99.57 per barrel, the same case with the West Texas Intermediate, which went up by 46 cents to $96.30 pb.

The price of OPEC’s basket of oils went down by $2.45 to reach $104.41 per barrel on Wednesday against $106.86 pb the day before, the organization announced Thursday. The Organization of Petroleum Exporting Countries said in its bulletin that the annual average rate of the crudes basket, last year reached $69.89 pb.

The OPEC+ alliance countries agreed on their 30th ministerial meeting 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. – KUNA

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