The price of Kuwaiti oil has taken a sharp jump, moving very close to the USD 100 mark. Official updates from the Kuwait Petroleum Corporation (KPC) confirm that the price has increased by USD 5.67 in a single day. This data was released on Saturday, March 7, 2026, regarding Friday’s trading session, showing high volatility in the energy market.
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What are the latest oil price figures?
According to the official announcement shared by the Kuwait News Agency (KUNA), the price of Kuwaiti oil has reached USD 98.48 per barrel (pb). This is a big increase from the previous price of USD 92.81 pb. This surge is happening alongside a rise in other major global benchmarks.
For reference, Brent Crude also jumped by USD 7.63 to reach USD 93.04 per barrel. Similarly, West Texas Intermediate (WTI) rose by USD 10.26 to hit USD 91.27 pb. These numbers show that the market is facing a lot of pressure right now.
Why is production being cut?
Reports indicate that Kuwait has started cutting production at some oil fields. This step is being taken as a “measure of last resort” because there is a serious lack of storage capacity. The crude oil is getting “bottled-up” because shipping traffic in the Strait of Hormuz is paralyzed due to regional conflict.
Minister of Oil Tariq Al-Roumi has emphasized the need for “well-considered decisions” during this time. Currently, discussions are underway to limit refining and production strictly to levels needed for domestic consumption until export routes become stable again. The original target was 2.6 million barrels per day for March, but logistical issues have forced these changes.
