UAE deploys $272mln fund to bolster critical industries Etihad Rail, AD Ports launch direct Fujairah-Abu Dhabi freight service Sharjah-Oman logistics corridor cargo value jumps 66% to $463mln Saudi Arabia seeks greater private-sector role in industrial growth Oman Islamic banking assets top over $24bln Salama, Ajman Bank establish strategic partnership CBUAE, Mastercard conclude programme to strengthen national capabilities in fraud risk management Qatar Chamber enhances trade relations with Malaysia's Malacca State Saudi business confidence climbs to 56.7 points on industry, services gains Qassim Cement to acquire 100% of A-Mix for $17.3mln Oman, US discuss financial crime cooperation Saudi's HADAF invests $522mln through 26 strategic partnerships to train, employ 16,000 citizens Qatar, North Macedonia sign agreement to strengthen cooperation in labour sector Sharjah draws investment projects worth $2.1bln in 2025 Saudi Arabia records $1.54bln in POS transactions in one week UAE non-oil growth hits fastest pace since December 2024, PMI shows Oman’s non-oil exports rise 11.4% to $9.3bln, re-exports jump 20% UAE participates in second G20 Finance Ministers and Central Bank Governors meeting Saudi Arabia and Syria sign 4 pacts to boost cooperation in transport and logistics sectors Geological assets drive mining, manufacturing growth in Fujairah RAK Chamber explores trade, investment opportunities at UAE-Lebanon Business Forum Saudi Arabia agrees to raise Pakistani agricultural and food exports to $3bln UAE investment council launches data tools to boost overseas investment Oman's public revenue rises 13% to $17.2bln in first half of 2026 Saudi Arabia’s construction costs rise 2.3% in July 2026 ADIB provides $37mln Islamic financing for Glasgow logistics hub Oman’s tea and coffee imports hit record highs Total value of Bahraini exports hit $5.04bln Oman: ARA eyes Q3 2027 gas pipeline launch Oman: Sohar International establishes innovation hub at Terminal 11 to support fintech growth

Log in

عربي

Media Centre

Home » Media Centre

Kuwait’s oil GDP set to rise 4% in 2025 if oil output is fully restored: NBK

Kuwait’s oil GDP set to rise 4% in 2025 if oil output is fully restored: NBK

Kuwait’s oil GDP set to rise 4% in 2025 if oil output is fully restored: NBK

Jul 14, 2024

Kuwait’s oil GDP will rise by 0.9% quarter-on-quarter (QoQ) in the fourth quarter of 2024 and 4% year-on-year (YoY) in 2025 if its oil production is restored fully, the National Bank of Kuwait (NBK) said in a new report.

In June, OPEC+ announced members’ 2024 voluntary production cuts, of which Kuwait’s share is 135,000 barrels per day. The cuts will be gradually unwound over the course of a year from October.

However, NBK said the oil producers’ group has left open the possibility that it could pause and even reverse these supply gains if market conditions dictate.

Oil GDP was down 6.4% YoY in Q4 2023 QoQ, with Kuwait maintaining crude oil production at 2.55 million bpd in line with its OPEC+ production cut obligations.

The Gulf nation’s 2023 oil GDP contracted by 4.3%, a marked turnaround from the robust expansion witnessed in 2022 when a tighter oil market had prompted Kuwait and its OPEC counterparts to raise production.

On the other hand, GDP in the non-oil sector contracted -2.3% YoY in Q4 23 for a fifth consecutive quarter.

For 2023, non-oil activity fell by 2.9%, a second consecutive annual decline following 2022’s fall of 0.1%.

"This is the weakest reading in the available series and well below the 2011-2019 average of +3.3% per year," the report said.