KUWAIT CITY - The profits of local oil companies affiliated with Kuwait Petroleum Corporation (KPC) will remarkably improve in the 2025/2026 budget, in contrast to the current fiscal year when profits declined after the substantial gains in fiscal 2022/2023.

The expected improvement is attributed to Kuwait’s gradual increase in its OPEC Plus share, scheduled to begin in April. The share of Kuwait will increase from 2.413 million barrels to 2.421 million barrels per day, reaching 2.548 million barrels per day by September 2026.

This gradual increase is expected to positively impact the profits of KPC and its subsidiaries, not only in the coming year but also in future years.

KPC continues to advocate for a larger share in OPEC Plus, especially considering Kuwait’s strong commitment to the voluntary reduction initiated in 2023. In contrast, international oil companies experienced profit losses in 2024 due to fluctuating crude oil prices, declining refined petroleum derivative prices, and rising global transportation costs resulting from ongoing geopolitical tensions.

Despite these challenges, Kuwait Oil Company (KOC), which owns the Burgan field -- the world’s second-largest oil field -- and other northern fields, is actively involved in marine exploration as part of its plan to solidify Kuwait’s oil leadership.

These efforts, combined with those of other companies, aim to support KPC’s 2024 plan to increase oil production from four million barrels per day and raise gas production from 499 million cubic feet per day of non-associated gas to two billion cubic feet per day.
 

Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info).