SEATTLE (Oil Monster): Kuwait has an excellent level of oil production. The Arab country boasts the highest oil production capacity in the last ten years.
Kuwait's crude oil production capacity is 3.2 million barrels per day (bpd), explained Oil Minister Tariq Al-Roumi in an interview with local newspaper Al-Qabas.
The production capacities of OPEC+ member countries can be controversial because some members have pushed for higher production quotas, which are determined by each country's capacity.
A former Kuwaiti oil minister said in 2023 that the country expects to have a higher oil production quota when its capacity increases.
The United Arab Emirates, which obtained a higher quota this year, is also among the countries that have sought higher production, along with Iraq and Nigeria. Angola left the group of producers in 2024 after a disagreement over its production target.
Kuwait's capacity peaked at 3.3 million bpd in 2010 before falling below three million bpd. The chief executive of Kuwait Petroleum Corporation (KPC) stated in January that production capacity had exceeded three million bpd.
A KPC executive said in 2023 that Kuwait would reach a capacity of 3.2 million bpd by 2025 or 2026 as part of a broader plan to increase capacity to four million bpd by 2035.
Eight OPEC+ members agreed on 7 September to increase production by 137,000 bpd in October, continuing the group's policy since April of gradually increasing production after years of cuts aimed at supporting the oil market.
Under the OPEC+ agreement, Kuwait plans to increase its oil production to 2.559 million bpd starting in October, Al-Roumi told Al-Qabas.
OPEC+ based its decision on market developments, Al-Roumi said, noting that decisions to increase production can be paused or reversed.
‘This ensures flexibility in decision-making,’ he said, adding that the group's monthly meetings allow it to respond quickly to market conditions.
The minister said he was optimistic about achieving ‘balance in the oil market.’
The International Energy Agency expects consumption to grow by 740,000 bpd in 2025 and by another 700,000 bpd in 2026.
Meanwhile, OPEC expects demand to grow by 1.3 million bpd this year and 1.4 million bpd next year.
Al-Roumi said global oil demand is recovering. Meanwhile, crude inventories have fallen below the average for the last five years, he added.
Courtesy: www.atalayar.com
