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Kuwait’s state oil company has reported a slight decline in its net profits during 2024-2025 fiscal year as a result of lower crude prices.
Kuwait Petroleum Corporation (KPC), which manages the Gulf state’s hydrocarbon sector, said net earnings stood at 1.365 billion Kuwaiti dinars ($4.5 billion) during that period, down from KWD1.46 billion ($4.82 billion) during fiscal 2023-2024.
Total revenues stood at KWD30.06 billion ($99 billion) and expenditure at nearly KWD28.697 billion ($94.7 billion) during fiscal 2024-2025, which ended on 31 March.
KPC announced plans last year to merge some of its subsidiaries to cut costs and upgrade efficiency as it is pursuing a programme to increase oil production capacity to nearly 4 million barrels per day (bpd) by 2035.
Kuwait produces nearly 2.5 million bpd and controls nearly 101 billion of proven crude deposits, the world’s sixth largest.
(Writing by N Saaed; Editing by Sona Nambiar)
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