SEATTLE (Oil Monster): Kuwait raised crude oil production to 2.1 million barrels per day in October, its highest level since the outbreak of the Iran war and an increase of more than 300,000 bpd from September, according to a person with direct knowledge of the matter cited by Reuters.
The production increase came despite a record number of attacks on shipping in the Strait of Hormuz, adding to signs that Persian Gulf producers are maintaining or increasing output as they adapt to continued disruption risks.
The source requested anonymity because they were not authorised to speak publicly about Kuwaiti production.
A spokesperson for state-owned Kuwait Petroleum Corporation did not immediately respond to a Reuters request for comment.
Kuwait produced about 1.77 million barrels per day in September, according to a person familiar with the matter cited by Reuters on October 2.
Preliminary data from commodities analytics firm Kpler showed Kuwait exported approximately 880,000 barrels per day of crude in October, compared with 809,000 bpd in September.
Kuwait's October increase is another indication that Gulf producers are finding ways to restore crude output even while normal shipping through the Strait of Hormuz remains disrupted. Production, however, is still below Kuwait's pre-war level of nearly 2.6 million barrels per day, showing that the recovery remains incomplete.
Tracking Gulf crude exports has become more difficult in recent months because some producers have moved oil through the Strait of Hormuz aboard tankers with their tracking signals switched off.
The practice has made vessel movements harder to monitor as operators respond to concerns over detection and potential attacks.
Kuwait was producing nearly 2.6 million barrels per day in February, before the U.S.-Israeli war with Iran began.
The outbreak of the conflict in late February disrupted oil exports through the Strait of Hormuz and prompted Kuwait and other Middle East producers to reduce production.
Follow OilMonster for the latest developments in Gulf crude production, Strait of Hormuz shipping and global oil supply.
Courtesy: www.reuters.com
