Kuwait oil price down to US dollar 39.32 pb
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.