Kuwait Petroleum Corporation (KPC) told Kuwait News Agency (KUNA) that the price of Kuwaiti oil went down by $0.42 to reach $48.75 per barrel on the 25th of April after it was $49.17 on the 21st of April.
Globally oil prices were down on Monday amid speculation that Russia might boost its production if the Organization of Petroleum Exporting Countries (OPEC) does not extend its output reduction deal, according to Mubasher News.
Furthermore, the price of the Brent crude was down by $0.36 to $51.60 per barrel, the same case with the West Texas Intermediate, which went down by $0.39 to $49.23 per barrel.
Early April, the Kuwaiti oil prices were $49.27 per barrel. Kuwait Oil Company’s (KOC) Deputy CEO, Badria Ali Abdul Rahman, stated through an insight into Kuwait’s strategy to boost heavy oil production before the Middle East Heavy Oil Congress (MEHOC) that “low oil prices have been a prominent feature of the market; [therefore] Kuwait Petroleum Corporation with KOC recognize that it is essential to make investments now, as an enabler to ensure a competitive, flexible, and better position for Kuwait in the future.”