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
Oil Rig Count 31 -
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SELECTED DATA

Kuwait's Tumbling Oil Export Revenues ($bn)

Kuwait Budget Balance ($bn): Projections Indicate 11 Straight Deficits Out To 2025

Burgan Capacity Drops Contributed To KOC Missing Its 2020 Target (mn b/d)

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