Kuwaiti oil price climbs to $87.44 despite global benchmark decline

The price of Kuwaiti crude oil rose by $2.88 to reach $87.44 per barrel during trading on Friday, 28 August, according to data released by the Kuwait Petroleum Corporation (KPC) on Saturday, 29 August. The gain follows a closing price of $84.56 per barrel the previous day, marking a significant daily increase for the national blend even as global benchmarks faced downward pressure. The KPC report provides the official daily valuation used for Kuwait’s energy exports, which are a critical component of the Gulf state's fiscal revenue. Global Benchmarks Diverge While Kuwaiti crude saw gains, international markets moved lower at the close of the week. Brent crude fell by 39 cents to settle at $89.31 per barrel. Similarly, US West Texas Intermediate (WTI) declined by 13 cents, ending the session at $83.40 per barrel. The divergence between the regional Kuwaiti price and global benchmarks often stems from specific regional demand, freight costs, and the specific heavy-sour grade of the Kuwaiti Export Crude (KEC) compared to the lighter Brent and WTI blends. Market Implications for Gulf Producers This price movement is timely as OPEC+ members, including Kuwait and the UAE, continue to…