Bloomberg: Kuwait's Oil Production Recovers to 75% of Pre-War Levels

Bloomberg reported that Kuwait is currently pumping oil at about 75% of the level it reached before the outbreak of war with Iran, as the number of oil tankers transiting the Strait of Hormuz continues to rise. The agency quoted Nawaf Al-Sabah, CEO of the Kuwait Petroleum Corporation, saying that Kuwait is currently producing around 2 million barrels per day, compared with approximately 2.6 million barrels before the war with Iran erupted in late February. He noted that “Iran continues to threaten navigation in the strait, but an increasing number of oil tankers are risking passage nonetheless.” Al-Sabah told Bloomberg: “More ships are passing because people realize there is no alternative to the Strait of Hormuz. Everything you do, every pipeline you build, every storage facility—none of that can replace the vital importance of the Strait of Hormuz.” Al-Sabah affirmed that the Kuwait Petroleum Corporation is currently meeting its obligations to its crude oil customers, and that all Kuwaiti refineries are operating and performing their functions, adding that the company remains on track to implement all its projects. He pointed out that Kuwait’s oil pipeline plans are progressing well, and routes through Saudi Arabia and the United Arab Emirates remain on the table, while the Kuwait National Petroleum Company is working to add other options. He clarified that Kuwait’s current oil production capacity stands at around 3 million barrels per day, and that tankers and plans for oil offloading are needed.