KUWAIT, March 3 (KUNA) — The price of Kuwaiti crude oil remained well above the 100-point threshold amid global turmoil caused by the ongoing Russia-Ukraine crisis.
In a statement on Thursday morning, the Kuwait Petroleum Corporation (KPC), the umbrella company of Kuwaiti oil companies, said in a statement that the price of Kuwaiti oil rose again, for the second consecutive day, by 10.65 USD to reach the high 112.96 USD per barrel (bp) on Wednesday, against 102.31 USD the previous day.
Meanwhile, in international markets, Brent crude futures rose $7.96 to $112.93 bp, while identical trades for West Texas Intermediate crude followed suit, climbing 7 .19 USD to reach 110.60 USD bp.
On Wednesday, the KPC said Kuwaiti oil rose $4.18 to $102.31 bp on Tuesday from $98.13 bp on Monday. During the same period, prices for Brent crude and West Texas Intermediate crude also surged by $7 and $7.69 respectively, putting the two crudes at $104.97 per barrel and $103.41 per barrel. barrel.
The prices of Kuwaiti oil and crudes from other oil-producing countries have soared amid the fallout from the Ukraine-Russia crisis which has also impacted other key sectors of global economies and businesses.
On Wednesday in Vienna, the 26th virtual OPEC and non-OPEC ministerial meeting ended after reviewing oil market conditions in the shadow of record high oil prices. In a statement, the members noted that “the current fundamentals of the oil market and the consensus on its outlook indicate a well-balanced market, and that the current volatility is not caused by changes in market fundamentals, but by the current geopolitical developments”. The statement added that “OPEC and participating non-OPEC oil producing countries have resolved to reaffirm the decision of the 10th Ministerial Meeting on April 12, 2020, and have further endorsed it at subsequent meetings, including including the 19th Ministerial meeting on July 18, 2021″. “Reconfirm the production adjustment plan and monthly production adjustment mechanism approved at the 19th Ministerial Meeting and the decision to adjust monthly aggregate production upwards by 0.4 mb/d for the month April 2022, in accordance with the attached schedule,” the statement read. .
“Reiterate the critical importance of adhering to full compliance and the compensation mechanism by taking advantage of the extension of the compensation period until the end of June 2022,” the statement added.
“Compensation plans must be submitted in accordance with the declaration of the 15th Ministerial Meeting,” the statement noted, adding that members “will hold the 27th OPEC and non-OPEC Ministerial Meeting on March 31, 2022,” the statement concluded. . (end) amq.mb.gta.km.rk