Kuwait oil price up to $84.55 pb

Kuwait: The price of Kuwaiti oil rose by S$2.30 to $84.55 per barrel (pb) on Thursday, compared with $82.25 pb the previous day, said the Kuwait Petroleum Corporation (KPC) on Friday.

Globally, Brent Crude decreased by 74 cents to $81.29 per barrel, while West Texas Intermediate rose by $1.36 to $78.68 per barrel, as reported by the Kuwait News Agency (KUNA).

The economy of Kuwait shrank by about 4 per cent year-on-year during Q3 2024 due to OPEC oil production cuts and under-performance in parts of the non-oil sector. However, the economy is expected to rebound through 2025, a report by the Kuwait Statistical Bureau said.

Lower production caused the oil sector to dip by five per cent in Q3, while the non-oil sector dropped by 2.5 per cent, the bureau explained.

On January 13, the Brent crude oil price stood at $80.85 dollars per barrel, compared to 78.82 U.S. dollars for WTI oil and $81.72 for the OPEC basket. Prices rose to a four -month high that week as the U.S. introduced new sanctions against Russian oil.