OPEC said Kuwait continued to raise its oil production levels by 37,000 barrels per day last August to reach 2.810 million bpd. The average price of a Kuwaiti barrel of oil since the beginning of the year amounted to $106.24 per barrel during 2022, compared to 2021, which amounted to $66.40 per barrel. OPEC maintained its expectations of strong growth in global oil demand in 2022 and 2023, based on indicators that major economies are performing better than expected despite unfavorable factors such as high inflation. An OPEC monthly report stated that oil demand will increase by 3.1 million barrels per day in 2022 and 2.7 million barrels per day in 2023.
- Kuwait increased oil output by 37,000 barrels per day last August