Kuwait oil production capacity at highest level in more than a decade

Group 1 - Kuwait's crude oil production capacity has reached 3.2 million barrels per day, the highest level in over a decade [1] - The country plans to increase its oil production to 2.56 million barrels per day from October under the OPEC+ agreement [2] - OPEC+ members agreed to increase oil production by 137,000 barrels per day in October, continuing a strategy of gradually boosting output [2] Group 2 - OPEC+ decisions are flexible and can be paused or reversed based on market developments, allowing for a swift response to changing conditions [3] - Minister Al-Roumi expressed optimism about achieving market balance, noting positive impacts from OPEC+'s April decision to enhance output [4] - The International Energy Agency anticipates global oil consumption growth of 740,000 barrels per day in 2025 and an additional 700,000 barrels per day next year [4] Group 3 - Global oil demand is recovering, with crude inventories dropping below the five-year average [5]