Kuwait’s gross domestic product is expected to rebound 2.5% in 2018 following a decline of 2.9% in 2017, according to a recent report by the National Bank of Kuwait (NBK).
Oil GDP decreased by 8% in 2017 as Kuwait reduced its crude oil production to 2.7 million barrels per day (bpd) in adherence with OPEC-led production goals, the report added.
Kuwait’s oil production was stable in the first few months of 2018, but after the OPEC’s recent decision to raise output, the NBK’s report expects oil production to rise to 2.8 million bpd in the second six months of 2018.
“Oil GDP therefore rises 1.5% overall this year, and a similar amount in 2019. Work is underway to lift production capacity (excluding the neutral zone) to 3.65 million bpd from 3.15 now, which would in principle provide scope to boost output by nearly one-third in future years from current levels,” the report said.