Kuwait Targets 2 Million Bpd Oil Output Within a Week

Kuwait expects to raise its oil production to 2 million barrels per day (bpd) within a week, up from an average of 573,000 bpd in May, according to Sheikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petroleum Corporation (KPC). The surge is driven by the reopening of the Strait of Hormuz, a critical chokepoint for global oil shipments, after the collapse of talks between the United States and Iran on Friday.

For energy traders, this rapid output restoration signals a potential shift in supply dynamics. Kuwait's prewar production levels could be restored within weeks once regular international commercial shipping to Kuwait ports resumes, Al-Sabah told Kuwait News Agency. The Strait of Hormuz, through which about 20% of global oil passes, had been a major risk premium driver for crude prices. Its reopening could ease supply fears, putting downward pressure on benchmarks like Brent and WTI. Live fuel prices and charts on NowPrice show how the market is reacting to this development.

Looking ahead, traders will monitor actual production data from Kuwait and other Gulf producers to confirm the ramp-up. The collapse of US-Iran talks also leaves geopolitical tensions unresolved, which could reintroduce volatility. Key levels to watch include Brent's support near $70 and resistance around $75, as the market digests the potential for increased supply from the region.