By: Mohammed Farouk
Mubasher: The price of Kuwaiti crude oil has seen a variety of fluctuations throughout 2018 due to many economic and political factors.
In 2018, the price of Kuwaiti oil dropped by around 16.6% to $52.99 per barrel (pb), its lowest monthly level in the year, according to data compiled by Mubasher.
However, Kuwait’s oil is expected to see a better price next year, rising to around $70 pb by mid-2019, as a result of the decision taken by the Organization of Petroleum Exporting Countries (OPEC) to cut oil output by over 1 million barrels per day, oil analyst Ahmed Hassan said.
OPEC and independent producers, headed by Russia, agreed in December to reduce oil production to improve prices.
For the Kuwaiti government to achieve a surplus in its budget, oil must hit $75 pb, the analyst noted.
Translated by: Muhammad Khalid
