Kuwait has witnessed a significant surge in its non-oil exports, with a record-breaking month that has left experts and analysts impressed. According to recent data, Kuwait’s non-oil exports reached an all-time high, with over 1 million barrels per day (b/d) of petroleum products and liquefied petroleum gas being exported in just one month ¹.
This remarkable achievement can be attributed to Kuwait’s strategic efforts to diversify its economy and reduce its dependence on oil exports. The country has invested heavily in developing its refining capacity, with the new Al Zour refinery being a significant contributor to this success. The refinery, which is the largest in the Middle East, has a capacity of 615,000 b/d and can produce significant amounts of low-sulfur fuel oil ¹.
The increase in non-oil exports has also been driven by Kuwait’s efforts to expand its market reach. Asia remains the top destination for Kuwait’s petroleum product exports, accounting for 46% of total exports, followed by Europe, which received 29% of exports in July 2023 ¹.
This record-breaking month is a testament to Kuwait’s commitment to economic diversification and its efforts to become a major player in the global energy market. As the country continues to invest in its refining capacity and expand its market reach, we can expect to see further growth in its non-oil exports.
Sources:
² IEA: Kuwait – Countries & Regions
¹ U.S. Energy Information Administration: Kuwait’s oil exports shift from crude oil to petroleum products