Kuwait’s Oil Exports Record 366.6 MM Barrels in H1

Kuwait’s Oil Exports Record 366.6 MM Barrels in H1
KUWAIT – JANUARY 15: A derek pumps in a oil field January 15, 2003 near the Saudi Arabian border, Kuwait. Kuwait produces 10% of the worlds oil and has promised to increase production as needed in the event of a war in Iraq. (Photo by Joe Raedle/Getty Images)

Kuwait’s crude oil exports decreased by 0.78% year-on-year to 366.57 million barrels in the first six months of 2019, a survey by Mubasher showed.

The volume of Kuwaiti oil exports recorded 366.57 million barrels during H1 2019, compared with 369.47 million barrels in the same period of 2018, according to figures released by the Joint Organizations Data Initiative (JODI) for oil-producing countries.

The daily average of Kuwaiti crude oil exports in H1 2019 stood at 2.03 million barrels, compared with 2.04 million barrels per day (b/d) in the corresponding half of last year.

Meanwhile, Kuwaiti crude production in H1 2019 reached 488.03 million barrels, down by 0.24% from 489.22 million barrels in the same period in 2018.

The daily average production rate of Kuwaiti oil H1 2019 was around 2.69 million barrels, compared to 2.70 million barrels in the six-month period between January and June of 2018.

Kuwait has the sixth-largest oil reserve in the world at 101.5 billion barrels, and its economy relies heavily on oil as the main source of about 80% of government revenues, contributing more than 50% to the gross domestic product (GDP), as well as 95% of the country’s exports.


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