Kuwaiti oil price up

KUWAIT: The price of Kuwaiti oil barrel rose $2.11 to stand at $52.75 per barrel on Monday, compared with $50.64 pb last Thursday, said Kuwait Petroleum Corporation (KPC) said yesterday. In international markets, Brent crude oil went down 71 cents to reach $51.09 per barrel, while West Texas crude dropped 90 cents to reach $47.62 pb. Meanwhile, the OPEC daily basket price gained 12 cents during Monday’s transactions to stand at $51.36 per barrel (pb), an OPEC bulletin said yesterday.

It added average price of the basket for 2020 was $41.47 pb. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). – KUNA