Kuwait: Kuwait crude output falls more sharply year on year in July
Kuwait oil output was roughly stable in July from June at 2.42 mbpd (million barrels per day), marking the joint-lowest reading since 2021. Oil production fell 5.4% year on year in July, following June’s 5.0% decline. Oil production is now down over 7% year to date, 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.