Kuwait Oil Company (KOC) is struggling to prevent continued crude oil production capacity declines, notching up a third successive slump for 2020-21. KOC’s latest annual report for the year to 31 March 2021 shows that capacity dropped by 177,000 b/d to a 12-year low of just 2.63mn b/d, a far cry from the state firm’s 2020 target of 3.10mn b/d (see chart 1).