Kuwait’s crude oil production witnessed a decline in January 2024, dropping by approximately 109 thousand barrels per day to reach 2.434 million barrels per day, as per the monthly report released by the Organization of the Petroleum Exporting Countries (OPEC).
This decline positioned Kuwait as the fifth-largest producer within the organization. Saudi Arabia maintained its lead with a production of 8.965 million barrels per day, followed by Iraq with 4.194 million barrels per day, Iran with 3.163 million barrels per day, and the UAE with a production of 2.927 million barrels per day, reports Al-Rai daily.
In addition to Kuwait, six other OPEC member states also reduced their daily oil production in January. Libya recorded the largest decline, reducing its production by about 106 thousand barrels to 1.015 million barrels per day.
Overall, OPEC’s production experienced a decrease in January, totaling 26.342 million barrels per day compared to 26.692 million barrels per day in December 2023.
