Price of Kuwait crude oil per barrel dropped USD 0.35 to USD 72.40 pb in Wednesday's trading compared to USD 72.75 pb on Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday.
While oil prices on the international markets remained under the USD 78 pb level, producers of the Organization of Petroleum Exporting Countries (OPEC) have expressed divergent views on paths that should be taken to check the downward trend of the crude oil price.
Venezuela, a member of OPEC, is currently seeking to hold an international conference to try tackle the problem, ahead of the cartel's meeting due on November 27th.
Aramco, the Saudi Arabia Oil Company, forecast rise of oil supplies to 900 billion barrels by 2025, as compared to the current level of 790 billion barrels, in light of its plans to meet mounting demand in the coming two decades -- particularly for natural gas.
In trades in the American crude oil, in New York on Wednesday, the price stood at USD 74.64 pb, as compared to the Brent crude, USD 78.08 pb.