September 15, 2022 oil and gas

Kuwait increases its production by 37 thousand barrels to 2.81 million barrels per day


Kuwait continued to raise its oil production levels by 37,000 barrels per day last August to reach the level of 2.810 million barrels per day, according to data from the Organization of Petroleum Exporting Countries (OPEC), which relied on other sources, while Kuwait informed the organization that it raised production levels during the month of August last by 43 thousand barrels to reach 2.811 million barrels.

The increase in Kuwait’s oil production comes in implementation of the decision of the “OPEC +” alliance, and in total, the production levels of the “OPEC” countries increased by about 618,000 barrels per day to reach 29.65 million barrels per day during August, compared to production of 29 million barrels per day during July, reports a local Arabic daily.

As for the average price of a Kuwaiti barrel of oil since the beginning of the year, OPEC said that it amounted to $106.24 per barrel during 2022, compared to the average price of a Kuwaiti barrel during 2021, which amounted to 66.40 dollars per barrel, and a barrel of Kuwaiti oil witnessed a decrease during the month of August to reach 103.82 dollars compared to With a price of 109.19 dollars per barrel during the month of July.

I the context of the “OPEC” report issued yesterday, the organization maintained its expectations of strong growth in global oil demand in 2022 and 2023, based on indicators that major economies are performing better than expected despite unfavorable factors such as high inflation.

“OPEC” said in a monthly report that oil demand will increase by 3.1 million barrels per day in 2022 and 2.7 million barrels per day in 2023, unchanged from its expectations last month, and oil consumption has rebounded from the low levels it reached during the pandemic, although Rising prices and the corona virus outbreak in China have dampened growth forecasts for 2022.

OPEC now expects oil consumption in 2023 to exceed consumption in 2019, after it said this year that it expected this to happen in 2022, and stated that oil demand in 2023 is expected to be supported by the still strong economic performance in Major consuming countries, as well as potential improvements in Covid-19 restrictions and geopolitical uncertainty.

The monthly report of “OPEC” showed that the organization’s production recorded a significant increase during the month of August, as it rose by 618,000 barrels per day to reach 29.65 million barrels per day, although much of this is due to the recovery of Libyan supplies from the production interruption.

timeskuwait



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