Kuwait-Mubasher: The price of Kuwait’s crude oil continued to decline on Monday, settling at $20.22 per barrel as compared to $21.6 on Friday, a drop of $1.39.
The fall of the Kuwaiti crude oil came in line with Brent crude which reached below $30 a barrel, amid expectations of further declines.
The Kuwaiti oil has lost 80% or $84 per barrel since its peak in 2014 at $104 per barrel.
Kuwait’s oil revenues suffered $20 billion decline in the first nine months of FY 2015/16, as the country’s output stood at three million oil barrels per day, making up 3% of the global production.
Estimates have suggested that global oil prices would fall further to $10 per barrel.
