November 18, 2021 oil and gas

Kuwait oil up $1.14 to $82.96 pb


KUWAIT: Kuwaiti crude oil surged by $1.14 during Tuesday’s trading sessions to hit $82.96 per barrel (pb), compared with $81.82 pb the day earlier, Kuwait Petroleum Corporation (KPC) said yesterday. Benchmark Brent went up 38 cents to $82.43 pb and West Texas Intermediate fell 12 cents to reach $80.76 pb.

The Organization of Petroleum Exporting Countries (OPEC) announced meanwhile that OPEC’s daily basket stood at $82.01 a barrel on Tuesday, compared with $80.90 the previous day. It added in its daily bulletin that the annual average rate of the OPEC basket for 2020 amounted to $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).

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