*Kuwaiti refined products exports fell in 2025 as the country instead maximized crude oil exports, despite products margins spiking during the year. Some of this was driven by a fire at the 615,000 b/d Al Zour refinery in October that caused significant disruption, but that merely compounded the existing trend.
*MEES calculates that crude oil exports increased from 1.18mn b/d to 1.33mn b/d last year, while products exports dropped from 1.20mn /d to 1.08mn b/d. Crude’s share of the mix increased from 49.6% to 55.7% as a result (see chart). 2024 was the first – and still the only – year in which products exports exceeded crude exports. (CONTINUED - 171 WORDS)
