Kuwait: Kuwait crude output dips further in January
Latest reading: Kuwait oil output ticked down to 2.41 mbpd (million barrels per day) in January from 2.43 mbpd in December. The January figure was broadly in line with the country’s OPEC+ production quota and was the lowest level since 2021. Oil production fell 0.7% year on year in January, far less than 2024’s average decline of 6.5%, with the softer decline due to a more favorable base effect.
Outlook: Oil production is likely to continue dropping at a mild pace in annual terms in Q1 2025 as OPEC+ cuts were recently extended at their current level until April 2025. Given the importance of the oil sector to Kuwait’s economy—roughly half of total GDP—this will depress overall economic activity early in the year. Further extensions of production curbs are a downside risk.