Middle East · KWT · OPEC
Kuwait
A high-burn oil system. Summer air-conditioning still drinks crude.
Oil production
2.6 mb/d
0.5 mb/d demand
Net oil
+2.1 mb/d
Export surplus
Gas production
18 bcm
Net -6 bcm
O&G rent
38.0%
Fiscal breakeven $70
Oil balance
Production versus demand, 2025, million barrels per day.
Gas balance
Production versus demand, 2025, billion cubic metres.
Proven oil
101 bn bbl
Gas reserves
1.8 tcm
Refining
1.4 mb/d
LNG
6 bcm import
Hydrocarbon mix
Oil versus gas in this country’s oil-and-gas demand (oil-equivalent).
- Oil37%
- Gas63%
Inflows and outflows
What leaves. What arrives.
Kuwait outflows 260 kb/d crude, 0 bcm LNG. Inflows 0 kb/d crude, 0 bcm LNG.
Local crude
Priced off the waterborne tape.
No local futures contract on this board. Brent, Dubai and WTI still set the netback. Open the flows desk for the markers that moved when Maduro was ousted and when the Iran war started.
Crude flowsEconomy
Fiscal breakeven sits with Saudi’s. LNG imports to meet peak power are a political embarrassment for a producer. Al-Zour is the downstream hedge.
- GDP
- $0.2 tn
- Population
- 4.9 m
- Oil intensity
- 1.1 bbl /$1k
- Oil & gas rent
- 38.0% GDP
- Hydrocarbon trade
- -26.0% GDP
- Fiscal breakeven
- $70 /bbl
- $30 oil shock
- +143.6 pp GDP
- Club
- OPEC
Projected oil demand
Regional IEA WEO 2025 oil pathways applied to this country’s 2025 baseline. STEPS 2035 demand 0.6 mb/d (net +2.2) versus NZE 0.3 mb/d (net +1.0).
| Scenario | 2025 | 2030 | 2035 | 2050 |
|---|---|---|---|---|
| Stated Policies | 0.5 | 0.5 | 0.6 | 0.6 |
| Net Zero 2050 | 0.5 | 0.5 | 0.3 | 0.1 |
| Current Policies | 0.5 | 0.5 | 0.6 | 0.7 |