Kuwait expects to raise its oil production to 2 million barrels per day within a week, according to Sheikh Nawaf Saud Al-Sabah, deputy chairman and chief executive officer of Kuwait Petroleum Corporation (KPC). The estimate was provided to Kuwait News Agency amid the reopening of the Strait of Hormuz following a memorandum of understanding between the United States and Iran. Production averaged 573,000 barrels per day in May, a steep decline from prewar levels of approximately 2.7 million bpd. The closure of the Strait of Hormuz due to the U.S.-Israeli war with Iran effectively cut off Kuwait’s crude exports, as…
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