Kuwait: Kuwait crude output remains subdued in March
Latest reading: Kuwait oil output ticked up to 2.42 mbpd (million barrels per day) in March from 2.41 mbpd in February. The March figure was broadly in line with the country’s OPEC+ production quota and was among the lowest levels since 2021. Oil production fell 0.3% year on year in March, following a 0.8% fall in February and far less than 2024’s average decline of 6.6%.
Outlook: Oil production could expand slightly in annual terms from Q2, as OPEC+ raised production limits for May by more than expected. That said, recent low oil prices amid concerns of a global tariff war keep present the risk that OPEC+ could delay future output hikes.