Kuwait Projects 4 percent Increase in Oil GDP by 2025
The National Bank of Kuwait (NBK) expects that these modifications will positively benefit the oil sector and total GDP, contributing to a strong economic outlook for the country. Kuwait Projects 4 percent Increase in Oil GDP by 2025
LD Web Desk 
In June, OPEC+ announced its members' voluntary production restrictions until 2024, with Kuwait contributing 135,000 barrels per day.
The cuts will be gradually unraveled over the course of a year, beginning in October. However, NBK stated that the oil producers' association has left open the prospect of pausing or even reversing these supply improvements if market conditions dictate. Oil GDP fell 6.4% YoY in Q4 2023 QoQ, with Kuwait maintaining crude oil production at 2.55 million bpd by its OPEC+ production cut commitments.
The Gulf nation’s 2023 oil GDP contracted by 4.3%, a marked turnaround from the robust expansion witnessed in 2022 when a tighter oil market had prompted Kuwait and its OPEC counterparts to raise production. On the other hand, GDP in the non-oil sector contracted -2.3% YoY in Q4 23 for a fifth consecutive quarter.
For 2023, non-oil activity fell by 2.9%, a second consecutive annual decline following 2022’s fall of 0.1%."This is the weakest reading in the available series and well below the 2011-2019 average of +3.3% per year," the report said.
