Kuwait oil price drops to $38.40 pb

KUWAIT/VIENNA: Price of Kuwait crude oil dropped 74 cents reaching $38.40 per barrel in Thursday’s trades against $39.14 pb on Wednesday, Kuwait Petroleum Corporation (KPC) said yesterday. Meanwhile in the international markets, the crude rates on Thursday dropped for the sixth session in a row, affected by jitters regarding forecast supply rise, with data showing hike of the American crude reserves by 1.7 million barrels in a week. Nymex forwards for September’s delivery closed with a 1.9 percent rise, 78 cents, settling at $41.14 pb.

The price of OPEC basket of 14 crudes fell by 79 cents on Thursday to $39.79 pb, compared with $40.49 the previous day, OPEC said yesterday. The annual average of the OPEC basket price hit $49.64 pb, it said.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

During a meeting in Vienna on June 2, OPEC oil ministers emphasized that Member Countries should continue to closely monitor developments over the coming months, and if necessary meet again and suggest further measures according to prevailing market conditions. They also decided that their next ordinary meeting will convene in Vienna on November 30, 2016. — KUNA