Kuwait Oil Extraction Industry Outlook 01/2022

Key Market Indicators

Kuwaiti demand for crude oil has decreased in the last year, dropping by 3.5%. In January 2022, Kuwaiti demand stood at 3,160 thousand metric tons, 23% higher than the same period a year before. Since 2007, the demand has decreased by 1.1% year on year. Kuwait's crude oil production is set to reach 150,260 thousand tonnes of oil equivalent by 2026, with an average annual growth rate of 0.5%. Since 1976, production has decreased by 1.1% year on year, with Kuwait coming in ninth in 2021. The United Arab Emirates was the top producer with 144,130 thousand tonnes of oil equivalent. Saudi Arabia, the United States and Iraq respectively were in second, third and fourth place.

Kuwait Oil Extraction Market Data and Forecasts

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