Kuwait’s crude oil production capacity has reached 3.2 million barrels per day (mbbl/d), according to the country’s Oil Minister Tariq Al-Roumi.
In an interview with Kuwaiti newspaper Al Qabas, the minister said that this marks the highest level in more than a decade, following a peak of 3.3mbbl/d in 2010 before output capacity fell below 3mbbl/d, reported Reuters.
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Kuwait plans to increase its oil production to 2.56mbbl/d from October this year under the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreement.
On 7 September, eight OPEC+ members reached an agreement to increase oil production by 137,000 barrels per day (bpd) in October. This decision continues the group’s strategy, initiated in April, of gradually boosting output following years of reductions aimed at stabilising the oil market.
The minister noted that OPEC+ decisions are based on market developments and “accordingly, the decision to increase production can be paused or reversed”.
He also said that the flexibility in decision-making allows for a swift response to market conditions, as OPEC+ meetings are held monthly.
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By GlobalDataThis adaptability is crucial for maintaining balance in the oil market.
Minister Al-Roumi expressed optimism about achieving market balance, noting that OPEC+’s April decision to enhance output has already had a positive impact on supply and demand.
The International Energy Agency (IEA) anticipates global oil consumption will grow by 740,000bpd in 2025 and by a further 700,000bpd next year.
OPEC projects higher demand growth, estimating an increase of 1.3mbbl/d this year and 1.4mbbl/d next year.
Al-Roumi added that global oil demand is recovering, while crude inventories have dropped below the five-year average.
