(MENAFN) Net profit of the Kuwait Petroleum Corporation (KPC) was estimated at USD5.3 billion in its fiscal year ended on March 31, 2014 compared to USD8.8 billion in the same period a year earlier, according to KUNA.
The drop in the KPC's profits resulted from global oil price instability which led to a fall in the Kuwaiti oil price from USD105.3 per barrel in the fiscal year 2012-2013 to USD103.5 per barrel in the fiscal year 2013-2014.
The drop was discussed during a KPC meeting held on Thursday by chairmanship of Minister of Oil and Minister of State for National Assembly Affairs Ali Al-Omair.
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