Kuwait – Mubasher: The price per barrel of Kuwaiti oil grew 94 cents on Friday, closing at $49.54 per barrel from $48.6 on Thursday, Data released by the Kuwait Petroleum Corporation (KPC) showed, according to KUNA.
Global oil prices were up 1% at close on Friday with mixed Brent adding 44 cents and closing at $54.33 pb, while US crude increased 66 cents to $51.5 pb.
The OPEC meeting on 30 November concluded the agreement to reduce output by member states by around 1.2 million barrels per day (mbpd) to 32.5 mbpd starting January 2017.
Members agreed that the six-month deal will be subject to an extension. In addition, a committee will be created to oversee the execution of the agreement.
OPEC ministers are scheduled to meet in Vienna on Saturday to sign the declaration to trim output and boost oil prices.
