November 10, 2021 oil and gas

Kuwait oil price up $2.53 to $83.03 pb


KUWAIT: Kuwait crude oil went up by $2.53 during Monday’s trading to reach $83.03 per barrel (pb), compared with $80.50 pb on Friday, Kuwait Petroleum Corporation (KPC) said yesterday. Brent crude rose by 72 cents to reach $83.44 pb and West Texas Intermediate went up $68 cents to $81.95 pb. The OPEC daily basket price went up by $2.23 to $82.34 a barrel on Monday, compared with $84.66 Sunday, the organization said yesterday.

Annual average rate of the OPEC basket in the past year amounted to $41.47 pb. OPEC+ alliance decided during the 22nd ministerial meeting on Thursday to continue adhering to the current oil production plan; designed to increase the output gradually. Stakeholders agreed on pursuing increase of the crude supplies by 400,000 barrels per day, effective December. The crude oil output will be revised anew during another meeting at this level, to be held virtually on December 2.

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