RIYADH: The Vice Chairman and CEO of the Kuwait Petroleum Corp., Nawaf Al-Sabah, stated that Kuwait has the capacity to restore 80 percent of its oil production, which was halted due to the Iran war, in less than a month. The remaining 20 percent will require three to four months to be brought back online.
The conflict in the region has severely impacted Kuwait’s oil sector, resulting in the second-largest production decline in the region after Iran. Bloomberg reported that the Gulf state’s production fell by 310,000 barrels per day to 490,000 bpd, less than one-fifth of pre-war levels.
During a panel discussion on the sidelines of the Atlantic Council’s Global Energy Forum in Washington, D.C., Al-Sabah noted that Kuwait had deliberately and systematically reduced its production levels at the beginning of the war to the minimum necessary to meet domestic consumption. Some refined products were then directed to Gulf markets, and he pointed out that buying and selling within the region continued, creating what could be termed a “mini-economy.”
He said: “We are now building on this experience, recognizing the new reality, and addressing the challenges through a collective vision across the Gulf Cooperation Council,” adding that “discussions are underway with officials in Saudi Arabia and the UAE to explore how to expand their pipeline systems to accommodate Kuwaiti oil exports.”
