The Kuwaiti government has announced production lift of 85,000 bbl/d (+3.1%) starting from July 2018 following the recent agreement between OPEC producers and Russia to raise global crude oil output. Kuwait's production is expected to reach 2.785 mb/d. Saudi Arabia plans to pump 11 mb/d in July 2018, while Russia could increase its domestic production by more than 200,000 bbl/d.
In June 2018, OPEC countries and Russia agreed to produce more crude oil to ease prices and prevent a supply shortage. The production cut objective of 1.2 mb/d that was agreed in November 2016 has been by far exceeded (by 152% as of May 2018 and even more since then) and the OPEC will now target a 100% compliance instead starting from July 2018 until the end of 2018. Thus, this landmark decision would equate to an effective increase of global crude oil production of up to 1 mb/d.
In February 2018, Kuwait's national oil and gas company Kuwait Petroleum Corporation (KPC) announced plans to spend over US$500bn to reach a 4.75 mb/d production milestone in 2040. If implemented, this strategy would enable the country to exceed the current output of Iran and Iraq, who respectively stand at 3.8 mb/d and 4.4 mb/d.
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