The Minister of Kuwait has stated that the country's oil output capacity will reach 3.2 million barrels per day (BPD) by the end of 2024. However, he denied that Kuwait is seeking an increase in its OPEC quota.
This follows the earlier statement by the CEO of Kuwait's state oil company, who stated that the current production capacity exceeds 2.8 million BPD and is expected to reach 3 million BPD in 2025. Despite these projections, Kuwait will continue to adhere to OPEC decisions.
Crude oil is currently trading up $2 at $71.79. The high price reached $72.12. The low price reached $69.90. On the top side, the 100-day moving average comes in at $73.98. The price has not closed above the 100-day moving average since April 28, 2023.
