The Crude oil and condensate production of Kuwait attained a value of 2,604,195.45 bd in 2020
The indicator recorded a historical decline (CAGR) of 4.44% between 2017 to 2020, and is expected to grow by...
GlobalData projects the figure to grow at a CAGR of ...
Kuwait's Crude oil and condensate production declined significantly in 2020
The Crude oil and condensate production of Kuwait recorded a high- single digit decline in 2020. The decline came as pandemic halted the travel & transport across the world, reducing the oil demand significantly.
Kuwait's oil and gas production derives entirely from its onshore fields. Producing fields date back to 1946, where production was strictly oil, while associated gas production was only commercialized from 1994. The country’s main hydrocarbon resource is oil.
Production & Development Outlook
The outlook for Kuwait’s hydrocarbon production is stable. The country hit a production peak in April 2020, just when OPEC decided to implement production cuts, after which production dropped. The oil minister said the country would support the joint OPEC+ efforts to restore balance to the oil market. Considering the five months of the year with a contracted production and a possible extension of the quota with OPEC, it is not expected that the country can recover previous levels in 2021. The national Kuwait Oil Company (KOC) is working on several projects to increase capacity.
Global Oil Products Demand Overview
The COVID-19 pandemic has had a major impact on oil demand. In the second quarter of 2020, demand for oil products saw a steep decline compared to pre-pandemic levels.
Total oil demand has fluctuated during the pandemic, because of the new COVID -19 outbreaks and because of changing restrictions imposed by governments.
2021 has seen total demand for oil products gradually recover to nearly 2019 levels in Q3.
Kerosene demand was the most substantially affected by the restrictions on the air travel and was still significantly below the pre-pandemic levels in the third quarter of 2021.
Production data are used accordingly for understanding and projecting field decline. A number of additional factors are taken into account, such as reported reserves, field location and production phase. Production for announced, planned, producing or abandoned fields is determined using reported information, from operators and governments.
Saudi Arabia
China
China
United States of America
United Kingdom
Singapore
France
Switzerland
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer
Contact the team or request a demo to find out how our data can drive your business forward