Kuwait's Oil Production Soars: A Decade High

Kuwait has ramped up its crude oil production capacity to 3.2 million barrels per day, the highest figure in over ten years, according to Oil Minister Tariq Al-Roumi. The increase, reported by Al Qabas, follows a capacity peak of 3.3 million bpd in 2010 before dropping below 3 million bpd.

Under the OPEC+ framework, Kuwait is set to enhance its oil production to 2.559 million bpd starting in October. On September 7, eight OPEC+ members concurred to lift output by 137,000 bpd, continuing a trend of rising production since April after years of market-supporting cuts.

Al-Roumi emphasized the adaptability of these production decisions, given market fluctuations, indicating that OPEC+ meetings occur monthly to swiftly align with changes. With demand increasing—as crude inventories dip below a five-year average—the International Energy Agency forecasts a consumption rise by 740,000 bpd by 2025.

(With inputs from agencies.)