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OIL PRODUCTS: Kuwait Oil Product Output And Exports Rose To Record In 2024

OIL PRODUCTS
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Kuwait oil product output and exports reached record highs in 2024, driven by the full ramp-up of the 615k b/d al-Zour refinery, Argus reports, citing JODI data. 

  • Kuwait’s refinery output, excluding LPG, averaged 1.21m b/d in 2024, up 22% y/y to a record high.
  • Output rose after al-Zour reached capacity in February, bringing Kuwait’s total refining capacity to 1.42m b/d.
  • Al-Zour’s ramp-up resulted in Kuwait’s fuel production rising 51% in 2024. At full capacity, the plant is designed to produce 194k-212k b/d of VLSFO, Argus reports. 
  • Kuwait’s naphtha output rose 24% y/y, diesel production rose 18% y/y and kerosene production rose 12% y/y. Gasoline was the only fuel to record a fall in production, declining 4% y/y, according to Argus. 
  • Refined product exports rose by 28% y/y to 968k b/d. Fuel oil exports, mostly VLSFO, rose by 44%, followed by gasoil with a 40% rise.
  • Kuwait sent 57%, or 48k b/d, of its VLSFO exports to the UAE last year, Argus reports citing Kpler data, while 17k b/d went to Qatar and 12k b/d to Singapore. 
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Kuwait oil product output and exports reached record highs in 2024, driven by the full ramp-up of the 615k b/d al-Zour refinery, Argus reports, citing JODI data. 

  • Kuwait’s refinery output, excluding LPG, averaged 1.21m b/d in 2024, up 22% y/y to a record high.
  • Output rose after al-Zour reached capacity in February, bringing Kuwait’s total refining capacity to 1.42m b/d.
  • Al-Zour’s ramp-up resulted in Kuwait’s fuel production rising 51% in 2024. At full capacity, the plant is designed to produce 194k-212k b/d of VLSFO, Argus reports. 
  • Kuwait’s naphtha output rose 24% y/y, diesel production rose 18% y/y and kerosene production rose 12% y/y. Gasoline was the only fuel to record a fall in production, declining 4% y/y, according to Argus. 
  • Refined product exports rose by 28% y/y to 968k b/d. Fuel oil exports, mostly VLSFO, rose by 44%, followed by gasoil with a 40% rise.
  • Kuwait sent 57%, or 48k b/d, of its VLSFO exports to the UAE last year, Argus reports citing Kpler data, while 17k b/d went to Qatar and 12k b/d to Singapore.