KPC: Kuwaiti Oil Price Drops Five Cents Monday To USD 74.47 Pb

11/5/2024 5:08:46 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Nov 5 (KUNA) -- The price of Kuwaiti oil fell by five cents yesterday, closing at USD 74.47 per barrel (pb) compared to USD 74.52 in last Friday's trading, the Kuwait petroleum Corporation (KPC) reported on Tuesday.
Globally, brent crude prices rose by USD 1.98 to USD 75.08 pb, while West Texas Intermediate crude saw a similar increase, reaching USD 71.47 pb.
Meanwhile, eight OPEC+ member states agreed yesterday to extend their voluntary production adjustments, initially implemented in November 2023, through the end of next December.
In a joint statement, OPEC+ announced that Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman would continue their collective reduction of 2.2 million barrels per day for one additional month.
The eight countries reaffirmed their commitment to fully comply with the OPEC+ Declaration of Cooperation. This includes additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee, as discussed in its 53rd meeting held in April 2024.
Moreover, full compensation for any excess production since January 2024 is expected to be achieved by September 2025, in line with the compensation plans submitted to the OPEC Secretariat. (end)
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