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Kuwait's oil exports slump to KWD 3.61bn in Q1-20

Kuwait's oil exports slump to KWD 3.61bn in Q1-20
The oil exports represented 93.28% of Kuwait's total exports

Mubasher: Kuwait's exports of crude oil and basic petroleum products declined by 20.31% year-on-year (YoY) to KWD 3.61 billion ($11.74 billion) during the first quarter (Q1) of 2020, compared to KWD 4.53 billion ($14.74 billion) in the year-ago period.

Oil exports represented 93.28% of Kuwait's total exports, valued at KWD 3.87 billion, during the first three months of 2020, according to the latest data by the Central Statistical Bureau (CSB).

The decrease in Kuwait's oil exports came amid the fall of the global demand for crude oil amid the coronavirus (COVID-19) outbreak.

It is noteworthy to mention that during the first three months of 2020, the price of Kuwait's crude oil dipped by 62.39% to $25.70 per barrel (pb), recording the lowest level since 2016.