KPC Announces Increase in Kuwait Oil Price

The price of Kuwaiti crude oil increased 87 cents to reach US$63.87 per barrel last Friday, Kuwait Petroleum Corporation (KPC) said yesterday. Elsewhere, the price of Brent Crude saw a 9 cents rise to reach US$64.62 per barrel, but the West Texas Intermediate was down 13 cents to settle at US$61.55 per barrel. OPEC daily basket price increased by 75 cents to US$63.22 per barrel Monday, compared with US$62.47 per barrel last Friday, said the OPEC Secretariat yesterday.

OPEC annual price in 2020 was US$41.47 per barrel. 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).