The Kuwait Petroleum Corporation (KPC) and its subsidiaries recorded consolidated net profits of 2.155 billion dinars for the 2025-2026 fiscal year, delivering a stronger financial performance than the results achieved over the previous three years despite lower oil prices, production and refining disruptions, and Iranian attacks on key oil-sector infrastructure.
The final account was approved by the Supreme Petroleum Council during its meeting on Wednesday, chaired by Prime Minister Sheikh Ahmed Al-Abdullah. The results highlight the resilience of Kuwait’s oil sector during an exceptionally challenging year marked by severe operational and security pressures.
KPC maintains profitability despite major challenges
The 2025-2026 fiscal year was described as exceptional for Kuwait’s oil sector, with the industry facing a combination of declining oil prices and the repercussions of Iranian attacks targeting refineries, oil tankers, crude oil production facilities and KPC facilities.
The attacks also affected corporation facilities at the airport and its offices, while the resulting disruption contributed to lower production and refining levels.
Despite these challenges, KPC and its subsidiaries maintained business continuity and delivered 2.155 billion dinars in consolidated net profit, underscoring the sector’s ability to withstand significant operational and geopolitical pressures.
Nawaf Al-Saud: Oil sector faced its biggest shock since 1990
KPC CEO Sheikh Nawaf Al-Saud described the past fiscal year as exceptional by all standards, saying it ended amid the biggest shock experienced by Kuwait’s oil sector since the Iraqi invasion of 1990.
Al-Saud said the Iranian attacks targeted refineries, oil tankers, crude production facilities and other KPC assets, creating severe conditions for employees across the sector. Despite the attacks and operational challenges, oil-sector workers maintained business continuity and continued performing their duties, he said.
Al-Saud also highlighted the cooperation between different generations of Kuwaiti oil-sector employees, with newly appointed young workers drawing on the experiences of employees who had lived through the 1990 Iraqi invasion.
He said the experience demonstrated the strength of Kuwait’s national character and the commitment of oil-sector employees to protecting the country’s vital economic interests.
Strategic projects continued despite disruption
Despite the difficult operating environment, Kuwait’s oil sector continued implementing its strategic projects and expanding its presence, while maintaining a focus on developing national talent.
The sector added 1,321 Kuwaiti citizens to its workforce during the 2025-2026 fiscal year, reflecting continued investment in human capital alongside efforts to maximize the economic value of Kuwait’s hydrocarbon resources.
Oil prices add pressure to sector performance
The financial results were achieved despite a decline in oil prices during the fiscal year. At the same time, Kuwait’s oil sector had to contend with reduced production and refining levels following the attacks and related operational disruptions.
Separately, the price of a barrel of Kuwaiti oil rose by $8.79 to $84.06, according to the reported figures. The combination of lower oil prices over the fiscal period, production disruptions and attacks on critical infrastructure placed additional pressure on the sector, making the reported 2.155 billion dinars in net profit a significant indicator of its financial resilience.
Investment in Kuwaiti talent remains a priority
Oil Minister and KPC Board Chairman Tariq Al-Roumi said the sector’s role extends beyond maximizing the economic value of Kuwait’s hydrocarbon resources.
He emphasized the importance of human capital, national competencies and workforce development, revealing that KPC and its companies employed 1,321 Kuwaiti men and women across various specialties during the fiscal year.
The recruitment drive reflects the sector’s continued focus on strengthening national expertise while ensuring that Kuwait’s oil industry has the skilled workforce required to support its strategic projects and long-term development.
Kuwait’s oil sector demonstrates resilience
The 2025-2026 results underline the resilience of Kuwait’s oil industry in the face of significant geopolitical, operational and market challenges.
KPC’s ability to maintain business continuity, continue strategic projects, invest in Kuwaiti employees and generate 2.155 billion dinars in consolidated net profit demonstrates the importance of the sector to Kuwait’s economy.
The performance also highlights the collective efforts of employees across the corporation and its subsidiaries during a year that Al-Saud described as the most severe shock to the oil sector since the 1990 Iraqi invasion.
