Kuwait: Kuwait crude output continues to fall year on year in June
Kuwait oil output was stable from May at 2.43 mbpd (million barrels per day) in June, marking the joint-lowest reading since 2021. Oil production fell 4.8% year on year in June, following May’s 4.9% decline. Oil production fell 6.0% over Q2 as a whole and is now down close to 8% year to date—both readings are much steeper than the average decline observed last year.
Oil production is likely to continue dropping in annual terms for the remainder of 2024, given that OPEC+ cuts have now been extended at their current level until end-September. Our panelists expect oil production to rise from 2025 thanks to the phasing out of OPEC+ cuts. Meanwhile, refined fuel production is set to rise sharply in 2024, after the Al-Zour refinery—among the largest in the Middle East—fully opened in late 2023.