Oil Exports Reach Pre-War Levels

The CEO of the Kuwait Petroleum Corporation, Sheikh Nawaf Al-Saud Al-Sabah, confirmed that Kuwait has restored its oil production to more than two million barrels per day, after it had plummeted to near-zero levels at the peak of the crisis. In an interview broadcast by Bloomberg Middle East, Al-Saud added that crude oil exports have returned to pre-war levels, but restoring production to its previous level of 2.7 million barrels per day requires enhanced security measures for ships transiting the Strait of Hormuz. He noted, “What we currently lack is additional security for ships so they can safely navigate the Strait of Hormuz, enabling us to raise our output to the pre-crisis level of approximately 2.7 million barrels per day.” He concluded by emphasizing that Kuwait needs more product tankers to arrive in the Gulf in the coming period to transport its oil exports abroad in order to meet its commitments in this regard.