Price of Kuwait crude oil per barrel dropped USD 0.62 to stand at USD 56.70 pb in Monday's trading compared to USD 57.32 pb on Friday, Kuwait Petroleum Corporation (KPC) said on Tuesday.
On the external markets, the crude oil price came under new pressures, on Monday, where the Brent plummeted to the lowest level since five years ago. Likewise, the American crude ebbed to the lowest level since May 2009.
Fresh remarks by OPEC Secretary-General Abdalla El-Badri cast its shadows on the markets. He said the cartel could maintain the output ceiling, expressing his belief that the "market was being motivated by speculators." Oil prices have dropped almost by half since months ago, when they roared to USD 110 pb. Drastic fall of the oil prices have fueled serious concerns in the oil-producing countries, particularly those that heavily depend on oil revenues.
Meanwhile, prices of forward deals of the Brent, for January's delivery, fell USD 0.79 putting the price at 61.06 pb, while identical deals concerning the American crude also decreased USD 1.90 pb, settling at USD 55.91 pb.
OPEC's daily output is estimated at 30 million barrels. Kuwait's quota is in the range of three million bpd.