Kuwait is reaping the benefits of a decade-long $30bn refining upgrade program, which has shielded the emirate’s export revenues from the full impact of the oil price falls since late 2022. With exports of high-value middle distillates surging to record highs last year, revenues from refined products exports increased to a record $25.5bn.

Kuwait’s new 615,000 b/d Al Zour refinery has been fully operational since February, lifting the country’s refining capacity to 1.4mn b/d. As crude oil production is capped at 2.41mn b/d until at least end-Q2 by Kuwait’s voluntary Opec+ commitments, the emirate would have barely 1mn b/d of crude oil to export were it to max out its refining fleet. (CONTINUED - 855 WORDS)