October 15, 2020 oil and gas

Kuwait’s oil price drops 10 cents


KUWAIT: Kuwait oil lost 10 cents during Tuesday’s transactions to close the day at $40.83 per barrel compared with $40.93 pb the day before, Kuwait Petroleum Corporation (KPC) said yesterday. Brent futures rose 73 cents to $42.25 pb and the West Texas Intermediate gained 77 cents to $40.20 pb. The OPEC daily basket price rose up by 11 cents to stand at $40.68 per barrel Tuesday compared with $41.57 pb on Monday, the OPEC Secretariat said yesterday.

The annual price for OPEC in 2019 was roughly at $52.43 pb, it added. In its monthly report, OPEC expected in 2021 for oil to reach million 27.9 pb, which approximately million 5.6 pb higher than it was in 2020. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), 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).

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