Kuwait to raise oil output to 2 million barrels per day within a week

Kuwait has begun ramping up oil production and plans to increase output to 2 million barrels per day (bpd) within a week, according to Sheikh Nawaf Al-Sabah, head of the state-owned Kuwait Petroleum Corporation (KPC), as reported by Bloomberg.

On June 17, the United States and Iran signed a memorandum of understanding aimed at ending the military conflict in the Middle East and reopening the Strait of Hormuz to unrestricted tanker traffic.

Kuwait's oil production had fallen to 500,000 bpd during the regional conflict, as oil facilities in the country came under attack and a key export route for crude shipments was closed.

The head of Kuwait Petroleum said the country had completed sufficient repairs to restore damaged energy infrastructure, allowing production to return to pre-war levels sooner than expected.

All force majeure notices issued during the conflict will be withdrawn, Al-Sabah added.