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Oil Demand Looking Healthy and Market Balanced: KPC

OIL

Global oil consumption is strong, and the market looks relatively balanced in 2024 as OPEC+ tries to stabilise prices, the CEO of Kuwait’s KPC said.

  • The market is likely to tighten further as the year goes on, CEO Sheikh Nawaf Al-Sabah said, adding that US shale output has helped satiate some recent demand growth.
  • Al-Sabah added that the market remains healthy. “We all now have spare capacity, that’s also quite important for stability in the market, to know that there is additional capacity in case of a supply disruption.”
  • He sees room for growth in both OPEC+ and in US shale in the long-term as consumption rises.
  • He added that Kuwait’s Al-Zour refinery has now reached full capacity at 615k b/d, producing mostly diesel.
  • Kuwait is also selling mostly distillates from Al-Zour, mainly heading to Europe.
Energy BulletsCommodities
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