Kuwait's Oil Production Soars: A Decade High

Kuwait's oil production reaches 3.2 million barrels per day, the highest in a decade. The OPEC+ agreement plans a gradual rise, anticipating a 2.559 million bpd output from October. Minister Al-Roumi highlights market-based decisions and predicts a growing global oil demand.

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.)