Kuwait's Oil Output Ambitions: A Surge to 3.2 Million Barrels Per Day
Kuwait's oil production capacity has reached 3.2 million barrels per day, the highest in over a decade. Under OPEC+ agreements, Kuwait aims to increase its output in response to market dynamics, with a long-term goal of expanding its capacity to 4 million barrels per day by 2035.
Kuwait's crude production capacity now hits 3.2 million barrels per day, marking the highest in over a decade, according to Kuwait's oil minister Tariq Al-Roumi. This development comes amidst OPEC+ discussions, where countries debate production quotas matching their capacities.
This year, UAE secured a higher production quota, aligning with other nations like Iraq and Nigeria striving for increased output. Kuwait saw a peak of 3.3 million bpd in 2010, but slipped below 3 million bpd until a recent recovery, with plans to reach 4 million bpd capacity by 2035.
Under OPEC+ agreements, Kuwait plans to increase production to 2.559 million bpd this October. Minister Al-Roumi highlights market-dependent flexibility in production adjustment, expressing confidence in achieving global oil market balance, supported by anticipated demand growth.
(With inputs from agencies.)
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