Average Price of Kuwaiti Crude Rises in August

Average price of Kuwaiti crude rises in August

KUWAIT CITY, Sept. 6 (Xinhua) — The Kuwait Petroleum Corporation (KPC) said on Tuesday that the average price for Kuwaiti crude oil in August reached 55.2 dollars per barrel (dpb), up 4.1 dollars compared with 51.1 dpb in July.

Kuwaiti crude oil hit the highest of its history last Wednesday with 57.91 dpb, but went down to 56.00 dpb on Monday, dropping 1.24 dollars compared with Friday’s 57.24 dpb, the KPC said in a statement.

Kuwaiti oil experts said the drop in price came in light of the decrease in global prices after the International Energy Agency (IEA) took measures to liberate strategic oil reserves of member states following hurricane Katrina and concern over supply shortage resulting from the halt of US oil productions.

The IEA decision liberated two million barrels of crude oil and gasoline per day for a period of one month.