Tuesday, August 9, 2022
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Oil Price today up by 22 cents

Oil Price for today was up by 22 cents to USD 19.96 per barrel. On Thursday the day before it was at USD 19.74 pb, the Kuwait Petroleum Corporation (KPC) said on Friday.

In the international market, the price went down after the OPEC+ deal. The deal was to decrease oil output by 10 million barrels per day (bpd) that was hindered. The OPEC+ is led by Saudi Arabia and Russia. The reason for the deal was to solve the issue of increased oil supplies and decreased global demand by 30 percent as a result of the coronavirus (COVID-19) pandemic.

Earlier in the day, Kuwaiti Oil Minister and Acting Minister of Electricity and Water Dr. Khaled Al-Fadhel told the media that Mexico was opposing the OPEC+ current deal. Saudi Arabia called on Mexico to look at the bigger picture. When we talk about the OPEC+ deal, it was beneficial for all countries during this type of challenging time.

WT Oil price for today

The price of the West Texas Intermediate (WT Oil) decreased by USD 2.33 to USD 22.76 per barrel. The same case with the Brent Crude which went down by 1.36 to USD 31.48 pb.

Source: KUNA

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