OPEC: Kuwait increased its oil production by 880,000 barrels per day in June

Kuwait increased its crude oil production in June 2026 by approximately 880,000 barrels per day, reaching 1.45 million barrels per day, compared to 573,000 barrels per day in the previous month of May.

According to the monthly report issued by the Organization of the Petroleum Exporting Countries (OPEC), Kuwait’s crude oil production in the past month reached its highest level since February 2026, when it stood at 2.58 million barrels per day.

The report noted that following the recent production increase, Kuwait moved up to sixth place in terms of production volume, replacing its ninth-place ranking among member states in May 2026.

The increase comes as part of Kuwait’s efforts to restore production levels prevailing before the outbreak of the US-Iranian war, after production had slowed since March due to escalating military tensions with Iran and the ongoing blockade of the Strait of Hormuz.

The OPEC report stated that Saudi Arabia held the top spot with daily production of 6.85 million barrels, followed by the United Arab Emirates with 3.81 million barrels, Iran with 2.44 million barrels, Iraq with 1.97 million barrels, and Libya with 1.56 million barrels.

Alongside Kuwait, six countries increased their daily oil production in June 2026, led by the UAE, which raised production by 1.64 million barrels per day. Meanwhile, production declined in four other countries, including Saudi Arabia, which saw a decrease of 99,000 barrels per day.

Overall, production by the 12 OPEC members, including the UAE, rose by 3.05 million barrels per day in the past month to over 22 million barrels per day, compared to 18.95 million barrels per day in May 2026.

Regarding oil market developments, the report showed that the organization lowered its forecast for global oil demand growth in 2026 by 190,000 barrels per day to 800,000 barrels per day, marking the third consecutive downward revision. Conversely, OPEC raised its forecast for global oil demand growth in 2027 by 210,000 barrels per day to 1.9 million barrels per day.

The organization also maintained its forecast for global economic growth at 3.1% for the current year and 3.2% in 2027.