KUWAIT: The price of Kuwaiti oil went up $1.06 to $44.97 per barrel Thursday as opposed to $43.91 the day before, said Kuwait Petroleum Corporation (KPC) yesterday. The price of oil continued rising Thursday, reaching records not witnessed in the last five weeks.
The increase was attributed to the decrease of fuel and crude supplies in the US. The price of the OPEC basket last Thursday was up $1.16 to reach $46.50 per barrel as oppose to $45.34 pb the day before, said a statement by the organization. According to the OPEC bulletin, the annual average of the basket last year was at $49.64 pb.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
