Kuwait oil price, in record decline, dropped $2. 32 reaching $24.12 per barrel on Thursday in contrast to $26.44 pb on Wednesday, Kuwait Petroleum Corporation (KPC) said on Friday. In international markets, Brent Blend contracts rose, today (Friday), 2.3 percent, reaching $34.72 pb, two dollars higher than its lowest fall recorded in 2004 when they reached $32.16 pb.
Meanwhile, the American West Texas crude rose 2.16 percent reaching $33. 99 pb, after falling in the previous session to $33.10 pb, an ebb unprecedented since 2003. Meanwhile, the OPEC daily basket price decreased by 86 cents to $27.85 a barrel Thursday, compared with $29.71 the previous day, the OPEC said on Friday.
The yearly average of the OPEC’s basket price hit $49.64 pb in 2015, it said. During their recent meeting in Vienna, 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)