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Kuwait: Kuwait crude output rises in July
Latest reading: Kuwait oil output rose to 2.45 mbpd (million barrels per day) in July from 2.44 mbpd in June. The July figure was the highest since the end of 2023, buoyed by OPEC+ quota hikes. Oil production rose 1.5% year on year in July, the second consecutive month of growth following over two years of contractions.
Outlook: Oil production should pick up further going forward due to the progressive unwinding of OPEC+ quota restrictions. This should boost overall economic activity, as oil is still a significant chunk of Kuwait’s economy.
