Mubasher: The price of Kuwait’s crude oil declined by 52 cents to settle at $65.14 per barrel (pb) on Wednesday compared to $65.66 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC).

Kuwait intends to spend about $500 billion on oil projects until 2040, the CEO of KPC Nizar Al Adsani said on Wednesday.

The country plans to register 4.75 million barrels per day (bpd) by 2040, Al Adsani added.

At the global level, oil prices recovered after starting the session with losses, in line with the US crude reserves reporting the first increase in 11 weeks with 6.8 million barrels in a week.

Nymex crude oil, March futures, added 0.4% to settle at $64.73 pb.

Brent crude oil, March delivery, settled at $69.05.