Kuwait Oil Price Falls as Global Crude Rates Decline

KUWAIT CITY: Kuwait Petroleum Corporation (KPC) announced a decrease in the Kuwaiti oil price by 90 cents to USD 77.80 per barrel on Monday, reflecting broader declines in global oil markets. According to Kuwait News Agency, the drop in Kuwait's oil prices coincides with a global downturn in crude prices. Brent crude fell by USD 1.58 to USD 77.46 per barrel, while West Texas Intermediate crude saw a decrease of USD 1.73, settling at USD 73.83 per barrel. These changes come amid revised forecasts from the Organization of the Petroleum Exporting Countries (OPEC), which lowered its demand expectations for OPEC+ oil by 200,000 barrels per day to 43.2 million bpd. This forecast still stands about 500,000 bpd above the projections for 2024. Additionally, data from China indicates a downturn in oil imports. The first nine months of the year saw a decrease of about three percent, totaling 10.99 million bpd, compared to the same period last year. This decline in one of the world's largest oil markets could be contri buting to the downward pressure on global oil prices.