KPC claims capacity decline paints “an incomplete picture”
Kuwait on defensive over capacity decline
KPC chief claims remediation is just around the corner, but his assessment appears improbably upbeat
Kuwait had been formally targeting oil production capacity of 4mn bl/d by 2020—including output from the Partitioned Neutral Zone (PNZ), shared with Saudi Arabia—for over a decade. Last year, the goal was quietly put back to 2040. But, buried in the Arabic-only annual report of its domestic upstream subsidiary Kuwait Oil Company (KOC), was a revelation that output capacity had shrunk by 177,000bl/d in the 12 months to end-of-March 2021, to less than 2.63mn bl/d—c.500,000bl/d less than that stated three years earlier. Near-perfect adherence to its Opec+ cuts appears to have masked a decay in the ability to pump the nation’s economic lifeblood. Kuwait Petroleum Corporation (KPC) CEO Hashem Has
Also in this section
20 June 2025
The scale of energy demand growth by 2030 and beyond asks huge questions of gas supply especially in the US
20 June 2025
The Emirati company is ramping up its overseas expansion programme, taking it into new geographic areas that challenge long-held assumptions about Gulf NOCs
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
