The price of Kuwaiti oil went down by USD 3.99 Monday to USD 47.36 per barrel compared to USD 51.35 pb last Friday, said Kuwait Petroleum Corporation (KPC) Tuesday.
The global oil price dropped tremendously in the beginning of this week's trading with future contracts of American crude reaching USD 50 pb for the first time since April 2009.
Brent mix prices also went down under USD 55 pb which raised fears of increasing oil supplies with no demand noticeable for the black gold.
The new policies to be carried out by Iraq and Saudi Arabia had also affected prices with Baghdad considering increasing exports up to 3.3 million barrels pd in January, while Riyadh is planning to lower the price of its oil exported to European buyers this month.
OPEC's meeting last November decided to keep production at 30 million barrels per day, a contributing fact to the continuous drop.