Kuwait oil price down 90 cents to USD 77.80 pb – KPC

The Kuwaiti oil price fell by 90 cents to USD 77.80 per barrel (pb) on Monday, compared to USD 78.70 pb the previous day, Kuwait Petroleum Corporation (KPC) announced on Tuesday. Globally, the price of Brent crude dropped by USD 1.58 to USD 77.46 pb, and West Texas Intermediate crude also went down by USD 1.73 to USD 73.83 pb. The Organization of the Petroleum Exporting Countries (OPEC) said in its recent monthly report that demand for the OPEC+ alliance's oil was revised down 200,000 barrels per day to 43.2 million bpd, which is around 500,000 bpd higher than 2024 estimates. In China, official data showed on Monday that the country's crude oil imports in the first nine months of this year dropped by roughly three percent to 10.99 million bpd, compared to last year. Source: Kuwait News Agency