KUWAIT CITY, Jan 3: Kuwait Petroleum Corporation (KPC) has estimated the indicative price of a barrel of Kuwaiti oil at $70 for the budget for fiscal 2024/2025, which starts in April, reports Al-Anba daily quoting sources. Sources disclosed that the price estimated by KPC is ultimately subject to the estimates and considerations of the Ministry of Finance when preparing the draft State budget in its final form.

The figures show that the corporation’s estimate of the price of $70 per barrel means fixing the indicative price for the second year in a row, as it was $70 per barrel during the 2023/2024 budget with an oil production volume of 2.676 million barrels per day, compared to $80 per barrel in the 2022/2023 budget, during which the estimated production volume was 2.73 million barrels per day. According to data from the Ministry of Oil, Kuwait’s oil production during the period from January until the end of March 2024 will reach 2.413 million barrels per day in compliance with OPEC+ decisions, which included an additional voluntary reduction of 135,000 barrels per day in that period.