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Kuwait raises oil price to $25.33 a barrel

Country continues to intensify production to reach approximately three million barrels

Kuwait Petroleum Corporation (KPC) said on Saturday that the price of Kuwaiti crude oil rose by $1.21 to $25.33 in last Friday’s trading, compared with $24.12 a barrel on Thursday.

The price of a barrel of Kuwaiti oil had lost roughly 48 per cent of its value during the past three months, as the country continues to intensify production to reach approximately three million barrels for the first time, by the beginning of this January, reports London-based Alaraby.

Kuwaiti oil price continues to decline, in light of the race by the other oil producing countries to increase production and reduce prices to maintain their share in global markets.

On October 12, Kuwait charged $46.5 per barrel and experts in the energy sector say that Kuwait has not reached the current low price levels in more than 11 years.

Crude oil prices fell for the fifth day in a row on Friday and ended the week on a ten per cent loss, influenced by the global oil supplies that exceed demand.

($1 = AED3.67, at the time of publishing)