Al-Saud: Kuwait's oil exports reach 2 million barrels

Sheikh Nawaf Al-Saud Al-Sabah, CEO of Kuwait Petroleum Corporation (KPC), clarified that Kuwait has restored its oil production to over two million barrels per day following a near-total collapse during the crisis. In an interview with Bloomberg, he added that crude oil exports have returned to pre-war levels, but increasing production to 2.7 million barrels per day requires additional security for ships transiting the Strait of Hormuz. He noted that Kuwait is meeting all its crude oil commitments but is facing difficulties in exporting refined oil products.

He reiterated that Kuwait has restored oil production to over two million barrels per day, after it had dropped to near-zero levels at the peak of the crisis. He emphasized that while crude exports have returned to pre-war volumes, restoring production to its previous level of 2.7 million barrels per day necessitates enhanced security measures for vessels navigating the Strait of Hormuz.

Pointing out that KPC has managed to increase production from virtually zero at the height of the crisis to over two million barrels per day currently, he stated, “Our facilities and fields possess the flexibility to withstand such pressures.” He added, “What we currently lack is additional security for ships to safely transit the Strait of Hormuz, enabling us to raise our production back to the pre-crisis level of approximately 2.7 million barrels per day.”

Regarding crude oil, Sheikh Al-Sabah noted that the corporation is already fulfilling all its commitments, stating, “We are exporting essentially the same volume we were exporting before the war began, meeting all our clients’ requirements.” However, he continued, “The situation is more difficult for the oil products we export. This is the sector where we must enhance our refining capacities, as you can see reflected in global diesel and jet fuel prices. Kuwait is home to one of the world’s largest refineries producing diesel and jet fuel.”

He stated that constructing pipelines or increasing storage capacities cannot serve as a substitute for the Strait of Hormuz, adding that Kuwait continues to cooperate with international partners to ensure maritime security. Concluding his remarks, Sheikh Al-Sabah highlighted that Kuwait requires more product tankers to arrive in the Gulf in the coming period to transport its exports abroad and fulfill its commitments in this regard.

Sheikh Nawaf Al-Saud Al-Sabah, CEO of Kuwait Petroleum Corporation, participated in a panel discussion during the inaugural edition of the Dow Jones Energy Forum, held in New York City, where he outlined KPC’s vision regarding the transformations underway in global energy markets. The session addressed the relationship between energy policies and geopolitical developments, the impact of current regional developments on global energy markets, and KPC’s commitment to contributing to global energy security and ensuring supply reliability.