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Kuwait oil up, OPEC stable

The price of Kuwaiti oil was up by USD 1.38 to USD 45.08 per barrel Wednesday after being at USD 43.07 the day before, said the Kuwait Petroleum Corporation (KPC) Thursday. Globally, the price was up after US data showed a sharp decline in local crude and fuel supplies. vThe price of the Brent crude future contracts for August delivery was up by USD 1.01 to USD 48.53 per barrel, the same case with the West Texas Intermediate which was up by USD 1.19 to USD 46.22 pb.

Meanwhile, OPEC daily basket price stood at USD 46.02 per barrel Thursday, compared with USD 44.79 pb the previous day, said the international organization.

The basket’s annual price for 2016 was at USD 40.76 pb, it added.

OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine.(Qatar), Arab Light (Saudi Arabia), Murban (UAE), Merey (Venezuela), Girassol (Angola), and Oriente (Ecuador). (KUNA)

The joint meeting between OPEC oil ministers and their counterparts from outside the organization have reached an agreement last May to continue the decrease of production for additional nine months to end by March of the year 2018 with 1.8 mbpd.

A joint meeting between OPEC oil ministers and their counterparts from other nations will be held on July 22 in Russia to discuss means to reduce global production. (KUNA)

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