Kuwait, - The price of Kuwaiti oil was down by 88 cents to USD 48.80 per barrel on Wednesday after being at USD 49.68 pb the day before the Kuwait Petroleum Corporation said on Thursday.

At the global level, the price of oil was also down over suspicions if a recent historical deal by OPEC to reduce production, together with voluntary cuts by non-OPEC members, would help overcome the phenomenon of oversupply that led prices severely down since mid-2014, according to Kuwait News Agency (KUNA).

The price of the Brent crude was down by 93 percent settling at USD 53 pb.

The price of the West Texas Intermediate fell by USD 1.16 to USD 49.77 pb.

On November 30, OPEC members concluded a deal in Vienna to cut production by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd. Also non-OPEC producers voluntarily decided to cut production by 600,000 barrels per day. Russia alone will cut 300,000 barrels daily. OPEC will meet with non-OPEC producers on December 9.

Source: Qatar News Agency