Kuwait Oil Production Surges as OPEC+ Completes Output Cut Reversal

AI Summary

Kuwait increased its crude oil production to 1.971 million barrels per day in July after reversing earlier output cuts. Despite this surge, flows via the Strait of Hormuz remain below pre-war levels, influencing bearish sentiment among traders in the oil market.

Kuwait produced 1.971 million barrels of crude oil daily in July, Reuters has reported, citing unnamed sources. That was up from 1.65 million barrels daily in June, the report noted, which in turn was up from just 580,000 barrels daily in May. The report supports earlier coverage suggesting oil is still moving out of the Persian Gulf, which would strengthen bearish sentiment among traders. However, the fact that any oil flows via the Strait of Hormuz are considerably lower than pre-war levels should be kept in mind. The news about Kuwait coincides…