Price of Kuwait crude oil rises

The price of Kuwaiti crude oil reached 52.68 U.S. dollars per barrel (dpb) on Monday, marking an 80 cent increase compared to last Friday's 51.88 dpb, Kuwait Petroleum Corporation (KPC) said on Tuesday.

The price rose as an upcoming meeting of Organization of Petroleum Exporting Countries (OPEC) members will be held in Qatar later this week to discuss a production cut, Kuwait News Agency ( KUNA) reported.

The 11 member countries of OPEC, which have agreed in principle last week to reduce an oil output of 1 million barrels per day amid dropping oil prices, would discuss details of the production cut during a meeting in Doha Thursday.

The all-time high for the Kuwaiti oil was recorded on Aug. 8, 2006 when it surged to 68.68 dpb.

Kuwait boasts proven oil reserves of about 101.5 billion barrels, and the emirate now produces 2.55 million barrels of crude oil per day.

Source: Xinhua