Kuwait: Kuwait crude output falls to multi-year low in November
Latest reading: Kuwait oil output ticked down to 2.41 mbpd (million barrels per day) in November from 2.42 mbpd in October, marking the lowest reading since June 2021. Oil production fell 6.2% year on year in November; the average decline in October–November was sharper than the Q3 average.
Outlook: Oil production is likely to continue dropping in annual terms in December and Q1 2025, given that OPEC+ cuts were recently extended at their current level until April 2025. Further extensions of production curbs are a downside risk to output.