The price of Kuwaiti oil was at USD 62.69 per barrel Monday, down by USD 1.43 from Friday's USD 64.12 pb, said the Kuwait Petroleum Corporation here Tuesday.
On the global markets, the price of oil hit its lowest level in five years. The decrease was blamed on the increasing competition between shale oil-producing American companies and major members of OPEC on market shares.
Numbers concerning China's energy consumption, Morgan Stanley's prediction for the decline of crude oil prices in 2015 from USD 98 to 70 pb, and OPEC's insistence on keeping the oil production at 30 million barrels per day all played part in the global oil price quagmire.