KUWAIT--Kuwait increased its surcharge on the basic price for a barrel of crude oil by 60 cents yesterday, a move that was expected after several oil-producing nations raised their surcharges last week.
In addition to the $14.55 base price set by the 12-nation Organization of Petroleum Exporting Countries (OPEC), members are allowed to add any surcharges they think the market will bear.
With the current tight world oil market, all members except Saudi Arabia have added surcharges.
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