The price of Kuwaiti oil went down by 12 cents to $47.33 per barrel (pb) on Friday, compared to $47.45 pb on Thursday, said Kuwait Petroleum Corporation (KPC) on Saturday.

Meanwhile, oil prices went up slightly in the international markets with fears of a surplus in crude offers, according to Kuwait News Agency (KUNA).

On 30 November, members of the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to reduce daily production by 1.2 million barrels to 32.5 million barrels for a period of six months, staring from January 2017.

Last week, US oil rigs increased by 21 rigs to a total of 652 compared to 631 oil rigs in the previous week, reaching its highest level since 9 November 2015, according to a report by Baker Hughes.