Kuwaiti crude oil price hovers around 67 dlrs per barrel

Kuwaiti crude oil price reached 67.35 dollars per barrel (dpb) on Friday, 4 U.S. cents up over that of the previously day, said the state-run Kuwait Petroleum Corporation (KPC) on Saturday.

Kuwait's crude oil price continued to increase this week, which experienced a hike of 2.89 dollars from Monday's 64.56 dpb to Friday's 67.35 dpb, said KPC.

KPC attributed the hovering high oil prices to the conflicts in the Middle East, especially in Iraq and Lebanon, in addition to the unrest in Nigeria and the higher international demand for oil.

Kuwaiti oil prices remained above the 60-dollar mark this year against a backdrop of hiking international oil prices.

On July 14, the crude oil price reached a record high of 68.43 dpd.

Kuwait, a member of the Organization of Petroleum Exporting Countries (OPEC), boasts proven oil reserves of about 101.5 billion barrels. The emirate now produces some 2 million barrels of crude oil per day.

Source: Xinhua