January 21, 2021 oil and gas

Kuwaiti oil price up 94 cents


KUWAIT: The price of Kuwaiti oil went up by 94 cents to $55.36 per barrel on Tuesday after it was at $54.42 pb the day before, said the Kuwait Petroleum Corporation (KPC) yesterday. At the global level, the price of the Brent crude went up by $1.15 to $55.90 per barrel, the same case with the West Texas Intermediate, which went up by 62 cents to $52.98 pb.

Meanwhile, the OPEC daily basket price stood at $54.85 per barrel (pb) Tuesday, compared with $53.92 the previous day, the petroleum organization said in a statement yesterday. OPEC said average annual price in 2020 was $41.47 pb. Commitment of OPEC+ in production cuts agreement encouraged market analysts to show optimism coupled with the inauguration of Joe Biden as US President.

OPEC+ agreed, during a virtual meeting on January 5, to release two million barrels per day by summer. Investors expected the new US Administration to increase spending on oil industry thus increase demand on fuel which contribute to lowering of oil stocks.

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