KUWAIT: The price of Kuwaiti crude oil was down 23 cents to reach $63.64 per barrel on Tuesday, Kuwait Petroleum Corporation (KPC) said yesterday. Elsewhere, the price of Brent Crude saw a decline of $3.83 to reach $60.79 pb, as the West Texas Intermediate was also down $3.80 to settle at $57.76 pb. The price of OPEC basket of 13 crudes went down by 95 cents to $62.27 per barrel (pb) on Tuesday compared to $63.22 the day before, said OPEC Secretariat calculations yesterday.

OPEC bulletin stated that the annual rate of the basket price last year was at $41.47 pb. Dealers in the oil market said that the recent OPEC Plus agreement to maintain low production, contributed in supporting global market prices above $60.00 pb. The General Secretariat estimated the demand for OPEC raw materials would reach 27.3 million this year, which is about 4.9 million barrels per day compared to 2020. - KUNA