Nawaf Al Saud on Strait of Hormuz navigation
The CEO of Kuwait Petroleum Corporation, Sheikh Nawal Al-Saud, emphasized that ensuring freedom of navigation in the Strait of Hormuz is essential, even though pipelines and oil inventories alone are not sufficient to secure oil flows. Currently, Kuwait's oil production stands at around two million barrels per day, down from approximately 2.6 million before the war. The corporation continues to transfer shipments from one vessel to another despite ongoing attacks, leveraging its fleet of tankers. Additionally, the corporation is considering increasing both domestic and international storage capacities and exploring pipeline connections to ports in Saudi Arabia and the UAE. The focus is on exporting refined products from the Gulf to alleviate bottlenecks. The goal is to achieve a production rate of 4 million barrels per day by 2035.
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