Middle East

Kuwait

Kuwait is a key Opec producer, with capacity touching 3mn b/d, but is dependent on LNG imports. A fractious political system continues to bedevil ambitious plans to increase production capacity.

State of Play

Kuwait has acknowledged defeat on its bid to increase production capacity to 4mn b/d by 2020. The cornerstone of this was Kuwait Oil Company’s 3.65mn b/d target, but in late-2018 this was pushed back to at least 2023. The next planned milestone is the mid-2019 start of the Lower Fars Phase One Heavy Oil development. A new team at the top will have to contend with an increasingly agitative parliament.

2020 In Numbers

Crude Output	2.42	mn b/d
Crude Exports	1.87	mn b/d
Refining capacity	0.736	mn b/d
Oil & Gas export revenue	36.2	$bn

Economics & Finance

13 Aug, 2021

Featured

Kuwait Registers Record Deficit For 2020-21

Kuwait’s 2020-21 deficit came in well under budget, but was still the largest ever. As for this year, robust oil prices should mean a far lower deficit.