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Kuwait Commodities April 2024

Kuwait: Kuwait crude output continues to tumble year on year in April

Kuwait oil output was broadly stable in March from April at 2.44 mbpd (million barrels per day), remaining at one of the lowest levels since 2021. Oil production fell 8.1% year on year in April, and is down over 9% year to date—steeper than the 4.1% decline on average last year.

Oil production is expected to fall for the second straight year over 2024 as a whole, weighed on by a voluntary 0.14 mbpd cut in place since January and set to last until end-September, before being gradually phased out until September 2025. 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.

On the new Al-Zour refinery, analysts at Fitch Solutions commented:

“The new 615,000 b/d Al Zour refinery is set to be one of the largest refineries in the world, having begun phase one commercial operations enabling roughly 200,000 b/d of production in late 2022. The production of low sulphur fuel oil for domestic power generation will account for 40% of the refinery’s output, whilst the remaining 60% will be dedicated to the production of ultra-low sulfur diesel, kerosene, jet fuel and naptha for export purposes.”

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