Kuwaiti oil revenues fell by around $10bn to $69.8bn last year as the impact of lower oil prices and Opec+ cuts offset increased exports of higher-value refined products (see chart 1).
Kuwait’s Oil Revenues Down Despite Products Records
Kuwait has greatly diversified its oil export markets by shifting from primarily crude oil to a 50:50 crude and products mix. But while exports of middle distillates and fuel oil are at records, rising domestic gasoline demand is driving Kuwait towards imports.
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Charts
1: Kuwait Marked Three Year-Low Petroleum Revenues In 2024 Despite Record Products Revenues ($bn)
2: Kuwait’s Oil Exports Mix At 50:50 Crude & Products (mn b/d)
3: Kuwait’s Product Exports Broke Above 1mn b/d In 2024 For The First Time On An Annual Basis (000 b/d)
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