21:02 - 18.06.2026
June 18, Fineko/abc.az. Kuwait has initiated a rapid expansion in its crude oil production following the implementation of the interim US-Iran agreement, which successfully reopened merchant shipping corridors through the Strait of Hormuz. The Gulf state aims to scale its output to 2 million barrels per day (bpd) within a week.
According to ABC.AZ, Sheikh Nawaf Al-Sabah, CEO of the state-owned Kuwait Petroleum Corp. (KPC), stated in an interview that rehabilitation procedures across the nation's damaged energy infrastructure are moving swiftly. He confirmed that aggregate upstream output could return to pre-war equilibrium levels much faster than initially estimated.
Core Upstream & Legal Highlights:
Recovery from Historic Supply Contraction: During the conflict, direct military strikes on oil fields coupled with the closure of the strategic Strait of Hormuz cut Kuwait's export capacity, driving output down to a low of just 500,000 bpd.
Force Majeure Declarations Rescinded: The KPC chief executive also noted that all corporate force majeure notices issued to international trade desks during the hostilities will be lifted "effective immediately," restoring normal contract delivery parameters.
