Kuwait oil price down to US dol­lar 39.32 pb

Kuwait Times - - BUSINESS -

The price of Kuwaiti oil went down by 71 cents to $ 39.32 per bar­rel (pb) Mon­day af­ter it was at $40.03 pb last Fri­day, said Kuwait Pe­tro­leum Cor­po­ra­tion (KPC) yes­ter­day. The price of the Brent Crude also went down by 32 cents, hit­ting $44.43 pb. The Amer­i­can crude also went down eight cents to $43.32 pb. Mean­while, the OPEC daily bas­ket price stood at $40.94 a bar­rel Mon­day, com­pared with $41.54 the pre­vi­ous Fri­day, the or­ga­ni­za­tion said. The an­nual av­er­age of the OPEC bas­ket price for 2015 hit $49.49 pb, it said in a state­ment yes­ter­day. Dur­ing their re­cent meet­ing in Al­giers, OPEC oil min­is­ters had agreed to cut the pro­duc­tion level be­tween 32.5 and 33 mil­lion bar­rel per day, in order to ac­cel­er­ate the on­go­ing draw­down of the stock over­hang and bring the rebalancing for­ward.

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