The price of Kuwaiti oil went down by $3.99 Monday to $47.36 per barrel compared to $51.35 last Friday, said Kuwait Petroleum Corporation (KPC) Tuesday.

The global oil price dropped tremendously in the beginning of this week’s trading with future contracts of American crude reaching $50 per barrel for the first time since April 2009.

Brent mix prices also went down under $55 per barrel which raised fears of increasing oil supplies with no demand noticeable for the black gold.

The new policies to be carried out by Iraq and Saudi Arabia had also affected prices with Baghdad considering increasing exports up to 3.3 million b/d in January, while Riyadh is planning to lower the price of its oil exported to European buyers this month.

OPEC’s meeting last November decided to keep production at 30 million b/d, a contributing fact to the continuous drop.

Source: Kuwait News Agency (KUNA)