Kuwait’s daily oil production rose sharply in July, nearing pre-cut levels as OPEC+ unwinds supply restrictions.
Kuwait’s crude oil production climbed to 1.971 million barrels per day in July, up from 1.65 million in June. The increase follows OPEC+’s gradual reversal of output cuts, pushing supply higher amid bearish market sentiment.
Output had slumped to 580,000 barrels daily in May before recovering. While flows through the Strait of Hormuz remain below pre-war levels, the rise reinforces expectations of oversupply in global oil markets.
Traders may view the data as a signal of weakening prices, though geopolitical risks in the region persist.