Kuwait - Mubasher: The price per barrel (pb) of Kuwaiti oil decreased 27 cents at the end of Tuesday’s trades, reaching $47.79 pb compared to $48.06 pb on Monday, according to the official price released by the Kuwait Petroleum Corporation (KPC).
Kuwait supports the decision to extend the agreement of reducing oil production, signed by the Organization of Petroleum Exporting Countries (OPEC), which began on 1 January and should extend until June, Kuwaiti oil minister Issam Almarzooq stated on Tuesday.
Extending the agreement will boost prices to reach levels acceptable for oil-producing countries and the oil industry in general, Almarzooq added.
Countries’ implementation of the agreement increased from 91% in January to 95% in February, recent data showed.
