Kuwait oil price down to USD 31.89 pb – KPC

KUWAIT Price of Kuwaiti crude oil dropped 27 cents to USD 31.89 per barrel Tuesday against USD 32.16 pb Monday, Kuwait Petroleum Corporation (KPC) said Wednesday.

In global markets, crude oil price dropped below USD 30 pb Tuesday amid economic growth stagnation and falling demand for the oil due to a market glut and ongoing jitters worldwide, caused by the novel coronavirus (COVID-19).

Energy demand drastically dropped after many states took stringent measures to try stem spread of the virus that has taken 7,500 lives. Countries closed border checkpoints, ports and airports and advised citizens to restrict movement locally and across borders except for vital necessities.

Meanwhile, forward contracts of the Brent crude decreased USD 1.32 settling at USD 28.73 pb. It was the first time that the crude benchmark closed lower than USD 30 pb since 2016.

American West Texas Intermediate crude fell USD 1.75 to USD 26.95 pb.

Saudi Energy Ministry announced on Tuesday that the kingdom exports of the crude oil would increase to more than 10 million barrels per day

Source: Kuwait News Agency