Following a temporary U.S.-Iran peace agreement that has reopened the Strait of
Hormuz, Kuwait has begun raising oil output and plans to restore production to
2.0 mln bpd within a week. Kuwait Petroleum Corporation CEO Sabah said repairs
to damaged energy infrastructure are sufficiently advanced to return output to
pre-conflict levels faster than previously expected. Output had fallen to about
500k bpd during the conflict after attacks on fields and the Strait’s closure;
all force majeure notices issued during the conflict will be lifted immediately.
