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Sunday , December 4 2022

Kuwait increased oil output by 37,000 barrels per day last August

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KUWAIT CITY, Sept 15: The Organization of Petroleum Exporting Countries (OPEC), said Kuwait continued to raise its oil production levels by 37,000 barrels per day last August to reach 2.810 million bpd, according to data issued by the organization relying on other sources, while Kuwait has informed OPEC that it raised production levels during last August by 43,000 barrels to reach 2.811 million barrels, reports Al-Anba daily. Kuwait has increased its oil production in implementation of the decision of the “OPEC +” alliance. With this the total production of the OPEC countries increased by about 618,000 barrels per day to reach 29.65 million bpd during August, compared to 29 million bpd during July.

Average price
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 per barrel, and a barrel of Kuwaiti oil witnessed a decrease during the month of August to reach $103.82 compared to with a price of $109.19 per barrel during the month of July.

In 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

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