Kuwait: Kuwait crude output steadies in February
Latest reading: Kuwait oil output was stable at 2.58 mbpd (million barrels per day) in February for the third straight month due to the pause in OPEC+ quota hikes agreed for Q1. However, oil production was still 7.0% higher in annual terms, the second-fastest monthly growth rate since 2022.
Outlook: Oil production is likely to fall in March as the Iran conflict has disrupted shipping in the Strait of Hormuz, leading the state oil company to pause some production due to lack of domestic storage space.