Sharjah eyes Ethiopia investment opportunities amid growing UAE-Africa trade Saudi Arabia to raise minimum wage threshold Bahrain poised for V-shaped rebound in 2027 after energy sector setback US bank J.P. Morgan facilitates Syrian deal for Saudi oil products Abu Dhabi advances UK investment ties through London forum, 56 meetings Abdullah bin Zayed joins trilateral meeting with FMs of US, India Dubai's GDP reaches $129bln in H1 2026 Saudi economy remains resilient despite Middle East conflict, SAMA governor says Middle East economy set for strong 6.6% rebound in 2027: IMF Technology, start-ups can double India-UAE trade to $200bln: Forum Dubai Cashless Strategy exceeds 2026 targets UAE to participate in World Bank Group and IMF Annual Meetings in Bangkok UAE President receives phone call from Canadian Prime Minister Etihad Rail putting UAE’s property market on a new track, says expert Sharjah recorded 45% growth in FDI projects in 2025 Saudi Arabia plans IPO, short-selling reforms within 90 days: CMA NBB expands Bahrain real estate partnerships with two new deals His Majesty Sultan Haitham reviews economic, investment projects at SEZ in Duqm Ras Al Khaimah Chamber, Greater Miami Chamber of Commerce strengthen trade, investment ties Saudi ranks among world's top countries in trade indicators UAE deploys $272mln fund to bolster critical industries Etihad Rail, AD Ports launch direct Fujairah-Abu Dhabi freight service Sharjah-Oman logistics corridor cargo value jumps 66% to $463mln Saudi Arabia seeks greater private-sector role in industrial growth Oman Islamic banking assets top over $24bln Salama, Ajman Bank establish strategic partnership CBUAE, Mastercard conclude programme to strengthen national capabilities in fraud risk management Qatar Chamber enhances trade relations with Malaysia's Malacca State Saudi business confidence climbs to 56.7 points on industry, services gains Qassim Cement to acquire 100% of A-Mix for $17.3mln

Log in

عربي

Media Centre

Home » Media Centre

Kuwait’s oil GDP set to rise 4% in 2025 if oil output is fully restored: NBK

Kuwait’s oil GDP set to rise 4% in 2025 if oil output is fully restored: NBK

Kuwait’s oil GDP set to rise 4% in 2025 if oil output is fully restored: NBK

Jul 14, 2024

Kuwait’s oil GDP will rise by 0.9% quarter-on-quarter (QoQ) in the fourth quarter of 2024 and 4% year-on-year (YoY) in 2025 if its oil production is restored fully, the National Bank of Kuwait (NBK) said in a new report.

In June, OPEC+ announced members’ 2024 voluntary production cuts, of which Kuwait’s share is 135,000 barrels per day. The cuts will be gradually unwound over the course of a year from October.

However, NBK said the oil producers’ group has left open the possibility that it could pause and even reverse these supply gains if market conditions dictate.

Oil GDP was down 6.4% YoY in Q4 2023 QoQ, with Kuwait maintaining crude oil production at 2.55 million bpd in line with its OPEC+ production cut obligations.

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.