Kuwait City: The price of Kuwaiti oil experienced a minor decrease, dropping by five cents to settle at USD 74.47 per barrel as reported by the Kuwait Petroleum Corporation (KPC) on Tuesday. This slight decline marks a change from last Friday's trading price of USD 74.52 per barrel. According to Kuwait News Agency, the global oil market witnessed contrasting movements, with Brent crude prices experiencing an increase of USD 1.98, reaching USD 75.08 per barrel. Similarly, West Texas Intermediate crude saw an upward shift, rising to USD 71.47 per barrel. These changes occur against the backdrop of recent developments within the OPEC+ alliance, where eight member countries have agreed to extend their voluntary production adjustments. A joint statement from OPEC+ revealed that Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman have collectively decided to continue their production reduction of 2.2 million barrels per day through the end of next December. This decision extends measures or iginally implemented in November 2023. The participating countries reiterated their commitment to adhere to the OPEC+ Declaration of Cooperation. This includes voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee, as outlined in its 53rd meeting held in April 2024. Furthermore, the alliance plans to achieve full compensation for any excess production since January 2024 by September 2025, following the compensation plans submitted to the OPEC Secretariat.
