Kuwait’s crude oil production capacity stands at 3.2 million barrels per day, oil minister Tariq Al-Roumi said in an interview with the Kuwaiti newspaper Al Qabas.

This marks the highest level in more than a decade, according to multiple reports, after capacity peaked at 3.3 million bpd in 2010 before declining to below 3 million bpd.

Under the OPEC+ agreement, Kuwait plans to raise its oil production to 2.559 million bpd from October, Al-Roumi told Al Qabas.

Eight OPEC+ members agreed on September 7 to raise output by 137,000 bpd in October, continuing the group’s policy since April of gradually increasing production following years of cuts aimed at supporting the oil market.

OPEC+ based its decision on market developments, Al-Roumi said, noting that “accordingly, the decision to increase production can be paused or reversed.”

“This ensures flexibility in decision-making”, especially as meetings are held monthly, he said, noting this allows for a faster response to market conditions.

The minister said he was optimistic about achieving balance in the oil market, adding that the OPEC+ decision to raise output has positively affected supply-demand dynamics since it took effect in April.

The International Energy Agency expects consumption to grow by 740,000 bpd in 2025 and by an additional 700,000 bpd in 2026.

OPEC, meanwhile, sees demand this year growing by 1.3 million bpd, with an additional 1.4 million bpd next year, one of the widest gaps ever between the two outlooks.

Al-Roumi said that global oil demand is rebounding, as crude inventories have fallen below the five-year average.
Source: Reuters