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(Bloomberg) — Kuwait has started boosting oil output and plans to exceed 2 million barrels a day within a week, as the interim US-Iran peace deal opens up the vital Strait of Hormuz to shipping.
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The country has carried out enough repairs to damaged energy infrastructure to be able to increase output quicker, and even reach prewar levels earlier than previously thought, Kuwait Petroleum Corp. Chief Executive Officer Sheikh Nawaf Al-Sabah said in an interview. All force majeure notices that were issued during the war because of the inability to meet supply obligations will be lifted “with immediate effect,” he said.
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The output ramp-up is the latest sign major Middle East producers are putting plans into action to return their operations to prewar levels. Saudi Arabia has already sent some oil tankers through Hormuz this week and other vessels are starting to reposition to meet increased oil flows coming out of the strait that’s been virtually closed since the war began more than three months ago.
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“We anticipate that we can exceed 2 million barrels a day within one week from now.” Sheikh Nawaf said Thursday. “And that pending availability of international commercial shipping, to reach Kuwaiti ports, we should be able to resume pre war production within a matter of weeks.”
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Kuwait was producing about 2.5 million barrels a day before the war. It slumped to as low as half a million barrels after the Hormuz closure caused oil storage to fill up. Iraq, another major producer in the region, has also boosted supply from its oil heartland in the south of the country as tankers as the arrival of tankers has started to free up storage space, according to Basim Abdul Kareem, director general of Basra Oil Co.
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“KPC is fully committed to working with our customers to ensure the transition to full contractual quantities is both smooth and efficient, and in accordance with the relevant agreements that we have,” Sheikh Nawaf said.
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(Updates with context from the third paragraph.)
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