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Kuwait oil price up 22 cents to USD 19.96 pb

KUWAIT, April 10 (KUNA) — The price of Kuwaiti oil went up by 22 cents to USD 19.96 per barrel Thursday after it was at USD 19.74 pb the day before, said the Kuwait Petroleum Corporation (KPC) Friday.

At the global level, the price went down after the OPEC+ deal to decrease output by 10 million barrels per day (bpd) was hindered. The OPEC+, led by Saudi Arabia and Russia, aimed at a deal to solve the increase in supplies an decreased of global demand by 30 percent as a result of the coronavirus (COVID-19) pandemic.

Earlier on, Kuwait’s Oil Minister and Acting Minister of Electricity and Water Dr. Khaled Al-Fadhel said that Mexico was opposing the OPEC+ current deal. Saudi Arabia called on Mexico to look at that bigger picture when it comes to the OPEC+ deal, saying that it was beneficial for all countries during these trying times.

The price of the West Texas Intermediate went down by USD 2.33 to USD 22.76 per barrel, the same case with the Brent Crude, which went down by 1.36 to USD 31.48 pb

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