KUWAIT: The price of Kuwaiti oil rose 1.40 dollars to 76.26 dollars per barrel on Monday, from 74.86 dollars per barrel last Friday, the Kuwait Petroleum Corporation (KPC) announced yesterday. The world price of Brent crude fell 76 cents to $ 74.39 per barrel, while West Texas Intermediate followed suit, falling 38 cents to $ 71.29 per barrel. OPEC’s daily basket of crude rose one dollar and three cents to reach $ 75.04 a barrel on Monday, from $ 74.07 a barrel four days earlier, the cartel said.
The Organization of the Petroleum Exporting Countries (OPEC) said in its bulletin that the average annual basket rate reached 41.47 barrels per day last year. The OPEC + alliance decided, at its 23rd ministerial meeting on December 2, to maintain the current production plan, intended to gradually increase oil production, as the speakers decided to continue increasing oil supplies by some 400 000 bpd.
The speakers had also underlined the paramount importance of a full compliance and compensation mechanism for the member states of the alliance. OPEC + oil-producing countries are expected to continue modifying production until they change the current level of 5.8 million barrels per day, pending a review of market conditions and stakeholder performance at the 24th. ministerial meeting, scheduled for January 2.
In addition, Kuwait Petroleum Corporation (KPC) announced that it had obtained the ISO 31000-2018 certificate in risk management, to be the first institution in the Middle East to obtain this prestigious certificate. In a press release on Monday, the state-owned company said it wanted to use a comprehensive risk management system since 2006.
To achieve this goal, the company, in collaboration with specialized agencies, has developed a new policy and a new global risk management framework and has applied them in all subsidiaries, he revealed. The KPC stressed that it has also improved its risk management policies to help it make strategic decisions. ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization. It provides generic principles and guidelines for managing the risks facing organizations. – KUNA