Kuwait’s July Crude Output Jumps to 1.971 Million Barrels a Day as OPEC+ Finishes Reversing Cuts
AI Market Summary
Kuwait's July crude output surged to 1.971 mbpd as OPEC+ completed the final phase of its 2023 cut unwind and signaled another 188 kbpd target increase from September, reinforcing expectations of higher effective supply. Offsetting this, Kazakhstan output has fallen sharply amid repeated CPC pipeline disruptions tied to attacks near Novorossiysk. The mix creates near-term headline volatility but skews the balance toward looser fundamentals.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-1.55%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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Kuwait produced 1.971 million barrels of crude oil per day in July, up from 1.65 million bpd in June and 580,000 bpd in May, reflecting the completion of OPEC+’s output-cut reversal. Over the same period, Kazakhstan’s production fell sharply after Ukrainian drone attacks hit Russia’s Black Sea port of Novorossiysk, triggering repeated CPC pipeline stoppages. The disruptions cut Kazakhstan’s output from over 2 million bpd in June to about 1 million bpd in late July, creating a short-term supply shock alongside structural supply increases.
