Kuwait Average Oil Price Hit USD 71.76 Pb In 1St 10 Months Of '25

(MENAFN- Kuwait News Agency (KUNA)) News report by Fawaz Karami
KUWAIT, Dec 22 (KUNA) -- Kuwait's average oil price recorded USD 71.76 during the first 10 months of this year, compared to an average of USD 82.01 pb in 2024, as reported by the Organization of the Petroleum Exporting Countries (OPEC).
The report showed a drop in the average price of the OPEC crude basket in October 2025 by USD 5.19 pb on a monthly basis down to USD 65.5, while the Kuwaiti oil price fell USD 6.16 to USD 66 in the same month, compared to USD 72.16 in September.
The fall in oil prices came though global economic growth forecasts have remained at three percent this year and 3.1 percent next year, driven by projections of a rise in global oil demand, exceeding earlier estimates of USD 1.3 million barrels per day.
The remarkable global economic activity in the third quarter of this year has buoyed the positive global economic growth forecasts that have emerged since the first half of the year, following lessened uncertainty about trade between the United States and its Asian partners, chiefly China.
In addition, the favorable meetings held in Washington with its Asian partners last October have contributed to establishing trade stability, while the U.S. economy has maintained its vibrant growth despite government shutdown and official data delay.
Those meetings have culminated in the consolidation of the trade agreement between the US and Japan and the conclusion of fresh agreements with Southeast Asian economies amid a one-year truce with China, which is anticipated to resume its rare earth exports, while the US is cutting additional tariffs by 10 percent on Chinese goods.
Although new US tariffs were imposed on specific sectors, strong US consumer spending, eased monetary arrangements and expansionary financial measures have also helped in the continuation of expected growth for 2025.
Regarding global oil demand, OPEC expected it to grow by 1.3 million barrels per day (bpd) this year, keeping September estimates unchanged, but with slight changes in Organization for Economic Cooperation and Development (OECD) member states' data for the last three quarters.
It also predicted OCED's oil demand to grow by 0.1 million bpd against 1.2 million bpd in non-member states, driven by demands in China and India.
Global oil demand growth forecasts for 2026 remained at 1.4 million bpd, including 0.1 million barrels from the organization's member states and 1.3 million barrels from non-member states, led by other Asian economies, followed y India and China.
Locally, Kuwait's average oil output rose to 2.4 million bpd in the third quarter of this year, compared to 2.431 million bpd in the second quarter. It also kept going up from 2.492 million bpd in Augus on a monthly basis to 2.515 million bpd in September, hitting its highest level of 2.525 million bpd in August.
Meanwhile, US crude oil imports fell by eight percent in October down to 5.6 million bpd in their lowest level since 2020, while exports nosedived by four percent to 4.2 million bpd in the highest level in eight months.
In Europe, crude oil imports went up in September, driven by increased flows from the US, which offset a drop in Russian supplies, while product imports stabilized owing to an equilibrium between higher imports of liquefied petroleum gas and fuel oil and lower imports of jet fuel.
Japan kept increasing its oil imports to 2.4 million bpd in September, as Chinese imports remained strong despite a fall on a monthly basis to 11.5 million bpd, up four percent, compared to last year.
Indi's imports soared to 4.9 million bpd in September, exceeding the last five years' average, while its product imports jumped to their highest level in 10 months and exports hit their highest level in a year, buoyed by a surge in flows to Europe and Middle East.
The report showed a fall in demand for the Declaration of Cooperation countries' crude oil by 0.1 million bpd in September to 42.4 million bpd, up 0.3 million bpd, compared to 2024 estimates. Demand for 2026 is also projected to go down to 43 million bpd, down 0.1 million bpd. (end)
fnk

MENAFN22122025000071011013ID1110511048