Kuwait is one of the world’s largest crude oil exporters, shipping 1.92mn b/d to primarily Asian markets this year. But the culmination of a major series of refinery upgrades and expansion work this year and next could presage a sizeable drop in crude exports as Kuwait seeks to extract maximum value from its oil.
Kuwait crude output averaged 2.70mn b/d over the first 11 months of 2022. Of this, 1.92mn b/d was exported, 762,000 b/d refined locally, and 22,000 b/d burned in power plants. With the first 205,000 b/d CDU of the 615,000 b/d Al Zour refinery starting commercial operations last month, Kuwait’s refining capacity has now jumped. The huge facility ought to be fully operational during 2023, boosting Kuwait’s refining capacity to 1.416mn b/d. (CONTINUED - 833 WORDS)
