Kuwait oil prices down to USD 74.46 pb – KPC

The price of Kuwaiti crude oil dropped by USD 3.34, reaching USD 74.46 per barrel on Tuesday, compared to USD 77.80 pb in Monday's trading, according to Kuwait Petroleum Corporation (KPC) Wednesday. In global markets, Brent crude oil futures went down USD 3.21 to reach USD 74.25 pb, while West Texas Intermediate (WTI) crude futures fell by USD 3.25, reaching USD 70.58 pb. The Organization of the Petroleum Exporting Countries (OPEC) reported in its monthly update that demand for oil from OPEC+ members was revised downward by 200,000 barrels per day compared to the previous month's estimate, bringing it to 43.2 million bpd, which was 500,000 barrels more than 2024 projections. OPEC also noted that the 2024 demand for OPEC+ crude has been revised downward by 100,000 bpd compared to last month's estimate, now reaching 42.8 million bpd, an increase of 600,000 bpd over the 2023 estimate. In China, the official data released on Monday indicated that the country's crude oil imports for the first nine months of th is year fell by around three percent compared to last year, averaging 10.99 million bpd. Source: Kuwait News Agency