Page 17 - Kuwait-Three-Years-Business-Outlook-2019-2020-2021

Micro & Macro Economic Trend KHOA

Kuwait Oil Production

Rising oil revenues will help narrow Kuwait's budget Higher Value-Add Oil Production To Boost Government Revenues
Crude & Refined Oil Production, '000 b/d
deficit in the quarters ahead. While OPEC-stipulated
supply restrictions will continue to cap Kuwait's crude
oil production growth over 2019, our Oil & Gas team

forecast the country's refined oil production to rise by
5.0% in 2019 and 30.0% in 2020 as we approach the

completion of the Clean Fuels Project in November
2019.

With this completion, the team expects to see the
Mina Abdullah and Mina Al Ahmadi refineries come

back online with enhanced capacity, in turn resulting in
revenue gains from higher value-added production.
Given that oil still accounts for, on average, ninetenths

of total revenues, Fitch Solution team believes that this
will facilitate a reduction in the overall fiscal deficit.

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