By: Eman Ghaly
Mubasher: Kuwait’s crude oil exports declined by 0.94% year-on-year to 428.29 million barrels during the first seven months of 2019, according to the data released by the Joint Organisations Data Initiative (JODI).
Average crude oil exports went down by 1.87% to 1.991 million barrels per day (bpd) in July, compared to 2.029 million bpd in the year-ago period.
Moreover, Kuwait’s oil production decreased by 1% year-on-year to 570.24 million barrels from January to the end of July.
Kuwait owns the sixth largest oil reserve globally that amounts to 101.5 billion barrels, with Kuwait’s economy depending on crude oil as the main source to achieve 80% of governmental revenues, in addition to its contribution with more than 50% to the gross domestic product (GDP).
Translated by: Muhammad Abdul-Wakeel
