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16 April 2024

Kuwaiti oil output to drop below Opec target in February

Maintenance has affected Kuwait's oil output by as much as 100,000 barrels per day. (AFP)


Kuwait's oil output will fall as much as 100,000 barrels per day (bpd) below its Opec target this month while oilfield maintenance is carried out, an industry source said on Monday.

It now joins top exporter Saudi Arabia in pumping even less than the tight supply targets set by the Organization of the Petroleum Exporting Countries to shore up plunging oil prices.

"We're making the most of lower prices by doing maintenance that was postponed when prices were higher," the source said.

The core Gulf producer already had cut close to its 2.22 million bpd Opec supply target in January, pumping 2.32 million bpd, according to a Reuters survey.