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Kuwait Commodities May 2024

Kuwait: Kuwait crude output continues to fall year on year in May

Kuwait oil output dipped to 2.42 mbpd (million barrels per day) in May from 2.43 mbpd in April, remaining at one of the lowest levels since 2021. Oil production fell 5.4% year on year in May, following April’s 8.2% fall. Oil output is now down around 8% year to date—steeper than the 4.1% decline on average last year.

Oil production is likely to continue declining in annual terms for the remainder of 2024, given that OPEC+ cuts were recently extended until end-September. Our panelists expect oil production to rise from 2025 thanks to the phasing out of OPEC+ cuts. Meanwhile, refined fuel production is set to rise sharply in 2024, after the Al-Zour refinery—among the largest in the Middle East—fully opened in late 2023.

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