Middle East

Kuwait

Kuwait has increasingly fallen behind other GCC countries on a range of key metrics as its fractious political system has bedeviled investment and reform efforts. The suspension of parliament for up to four years in 2024 could create the political space to push through reforms, but is not without controversy.

State of Play

Kuwait has succeeded in reversing a drop in crude oil production capacity, and now targets 4mn b/d by 2035. An ambitious $30bn refinery upgrade program was completed in 2023 with the ramp up of the Al Zour refinery, pushing refined products exports up to record levels, but an addiction to LNG imports shows no sign of easing, while summer electricity blackouts are increasingly common.

2024 In Numbers
Crude Production 2.41 mn b/d
Crude Exports 1.18 mn b/d
Products Exports 1.2 mn b/d
Power Generation 88.88 TWh
Oil & Gas

6 Feb, 2026

Featured

Kuwait’s Upstream Foreign Investment Drive Begins

Kuwait hosted energy sector luminaries this week for its flagship oil sector conference, where it showcased a newfound intent to attract foreign investment.
Kuwait's Capacity* Increased To Around 3.2mn b/d Last Year
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NEWS IN BRIEF

Kufpec Acquires Brazil Upstream Stake From Shell

6 Feb, 2026

Kuwait, Saudi Arabia To Issue Dorra Tenders This Year

6 Feb, 2026

Kuwait Finalizes Contract For New Az Zour Power Plant

6 Feb, 2026

Kuwait Invests In Eni Biorefinery

6 Feb, 2026

KPC Plans Ratqa Cogeneration Project

30 Jan, 2026

SLB Wins Kuwait’s Mutriba Development

16 Jan, 2026

BP’s Kuwait ETSA Extended to Mid-2029

9 Jan, 2026

Kuwait Firms Up Offshore Exploration Plans

9 Jan, 2026

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SELECTED DATA

Kuwait LNG Imports (mn t/y) Rose Above 6mn t/y For The First Time In 2023, With Qatar Supplying 56% Of Volumes

Kuwait's Power Demand Hit A New All-Time Record In August (GW)

Kuwait's Oil Exports (mn b/d): Refined Products Now Account For More Than Half Of Total Volumes

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