Mubasher: Kuwait’s oil exports ranked second highest in 2018, having increased by 4.7% year-on-year or around 93,000 barrels per day (bpd) in September, data released by the Joint Organisations Data Initiative (JODI) showed.
Kuwait’s crude exports grew to 2.067 million bpd in September from 1.974 million bpd in the same period of 2017, the data indicated.
Month-on-month, crude exports grew by 1.7% or 34,000 bpd from 2.033 million bpd in August.
Kuwait has the sixth largest crude reserves in the world with 101.5 billion barrels, previous data showed.
The Kuwaiti economy relies heavily on crude exports, which represent around 80% of the government’s revenues. It also contributes by around 50% to the country’s gross domestic product (GDP), and makes up 95% of Kuwait’s exports.
