Kuwaiti oil drops USD 1.99, reaches USD 52.90 pb
The price of Kuwaiti oil dropped USD 1.99 on Monday, reaching USD 52.90 per barrel (pb), compared to USD 54.89 pb last Wednesday, said Kuwait Petroleum Corporation (KPC) Tuesday.
International oil prices had dropped with exchange rates slowing down due to the holidays season.
Meanwhile, Algeria, a member of the Organization of the Petroleum Exporting Countries (OPEC) had requested reducing the level of oil production to face the continuous drop in oil prices. However, OPEC is not expected to take a decision regarding the matter until the organization’s meeting next June.
The prices had recently dropped by 50 percent, while it was over USD 100 pb last June.
Source : KUNA Kuwait News agency