Kuwait's crude oil price continues to drop

The price of Kuwaiti crude oil slid to 52.83 U.S. dollars per barrel (dpb) on Friday from previous day's 53.57 dpb, keeping the trend of dropping, Kuwait Petroleum Corporation (KPC) said on Saturday.

The KPC predicted the dropping trend would continue, attributing it mainly to technical and geopolitical conditions such as relative stability in the Mideast, high oil supply in market and predicted global economic growth slowness following a relatively long period of booming growth.

Affected by the international oil prices, which has dropped bellow 60 dollars from an earlier price of almost 80 dollars, Kuwait's oil price also shrank from an all-time high price of 68. 68 dpb registered on Aug. 8.

With a self-boasted proven oil reserves of about 101.5 billion barrels, Kuwait now produces 2.55 million barrels of crude oil per day.

As a member of the Organization of Petroleum Exporting Countries (OPEC), Kuwait's production share in the cartel is around 2.247 million barrels per day (bpd) since July 2005 until the end of this month.

OPEC decided in Doha, Qatar, recently to cut oil production by 1.2 million bpd as of the total output decreases to 26.3 million bpd next month.

Source: Xinhua