The price of Kuwait Export Crude (KEC) oil averaged $24.5 per barrel during May 2002, up from the $24.3 and $22.75 rates it had recorded during the previous months of April and March respectively, reported the National Bank of Kuwait (NBK). The price rises were mainly attributed to speculations of a possible US attack on Iraq.
NBK analysts forecast that throughout the second quarter of 2002 KEC prices would average $23.4 per barrel, up from the $19.9 per barrel rate reported in the first quarter of the year. The forecast is dependent, however, on OPEC’s decision to reverse its output cuts. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
