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.
| 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 |
26 Feb, 2021
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Kuwait’s Emir has suspended parliament, further delaying much-needed economic reforms. Latest forecasts are of 11 straight budget deficits out to 2025.
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