The Kuwait Petroleum Corporation (KPC) stated on the 2nd of April that on the 1st of April the Kuwaiti oil prices were stable at $49.27 per barrel, which is the same price of the preceding day, reported Kuwait News Agency (KUNA).
Kuwait Oil Company 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.”
Oil prices have decreased across the world because of the increase in American production of Shale oil. The shale oil increased due to the expansion in drilling rigs in the US.
Abdul Rahman added that “crude oil’s drop in price has highlighted the attractiveness of renewable energy’s relative isolation from fuel-price fluctuations.”