Kuwait Oil Production Surges as OPEC+ Completes Output Cut Reversal
Kuwait produced 1.971 million barrels of crude oil daily in July, Reuters has reported, citing unnamed sources. That was up from 1.65 million barrels daily in June, the report noted, which in turn was up from just 580,000 barrels daily in May. The report supports earlier coverage suggesting oil is still moving out of the Persian Gulf, which would strengthen bearish sentiment among traders.…
Kuwait's oil production has surged to 1.971 million barrels daily in July, marking a significant increase from 1.65 million barrels in June and just 580,000 barrels in May. This surge coincides with OPEC+'s decision to boost production targets by 188,000 barrels daily starting September, effectively unwinding the production cuts agreed upon in 2023. Despite the increase, the overall output remains lower than pre-war levels, presenting challenges for OPEC+ in balancing the market favorably for its member states.
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