Kuwait Oil Company (KOC) has fallen well short of its revised 2020 production capacity target of 3.10mn b/d. The state upstream firm’s 2019-20 report instead shows that its production capacity declined for the second consecutive year to a 10-year low of just 2.81mn b/d.
Developments over the first six months of the current 2020-21 year (ie Q2 and Q3 2020) imply that production capacity should at least have edged back up to around 2.9mn b/d (see chart 1). But delays to key projects, which can in part be attributed to the Covid-19 pandemic, continue to prevent KOC from boosting capacity back to 3mn b/d. (CONTINUED - 1575 WORDS)