The price of Kuwaiti oil went down by USD 1.38 Monday to reach USD 20.22 per barrel after being USD 21.70 pb the day before, said a statement by Kuwait Petroleum Corporation (KPC) Tuesday.
At the global level, the price of oil plummeted to the lowest rate since 2003. The impending resumption of Iranian oil production was also another factor in the drop due to the high levels of supplies in the market.
The Brent mix was at USD 28.17 per barrel. The price American crude also went down by 0.64 cents to settle at USD 28.78 pb.