Kuwait: Kuwait crude output remains subdued in May
Latest reading: Kuwait oil output was stable at April’s 2.42 mbpd (million barrels per day) in May. The figure was slightly below the country’s OPEC+ production quota and was among the lowest levels since 2021. Oil production fell 0.2% year on year in May, following April’s 0.6% fall and far less than 2024’s average decline of 6.6%.
Outlook: Oil production should pick up in June and July, as OPEC+ raised production limits for both months by more than expected. This should boost overall economic activity going forward, as oil is still a significant chunk of Kuwait’s economy.