Kuwait produces, exports record oil products in 2024

Spanish Market: Oil products
20/02/25

Kuwait's oil product output and exports reached record highs in 2024, driven by the full ramp-up of the 615,000 b/d al-Zour refinery.

Figures from the Joint Organisations Data Initiative (Jodi) show Kuwait's refinery production, excluding LPG, averaged 1.21mn b/d last year, up by 22pc from 2023 and the highest since Jodi records began in 2002. Output rose after al-Zour reached capacity in February, which brought Kuwait's total refining capacity to close to 1.42mn b/d.

State-owned KPC had gradually started up the refinery's three 205,000 b/d crude distillation units in November 2022, March 2023 and December 2023, but it took until 2024 to reach full capacity after a string of technical issues throughout 2023.

Al-Zour's ramp up resulted in Kuwait's fuel oil production rising by 51pc on the year. At full capacity, the plant is geared to produce 11mn-12mn t/yr (194,000-212,000 b/d) of very-low sulphur fuel oil (VLSFO).

Kuwait's naphtha output rose by 24pc, there was an 18pc rise in diesel production and a 12pc increase in kerosene. Gasoline was the only fuel recording a fall in production in 2024, by 4pc on the year. This could have been affected by an issue at one of Kuwait's reformers, which saw KPC seek rare gasoline imports in October, but the extent of the disruption could not be confirmed.

Record output also led to all-time high refined products exports from Kuwait in 2024. These rose by 28pc on the year to an average 968,000 b/d, according to Jodi. Fuel oil exports, mostly VLSFO, rose by 44pc, closely followed by gasoil with a 40pc rise.

Kpler data show Kuwait sent around 57pc, or 48,000 b/d, of its VLSFO exports to the UAE in 2024, filling a supply gap there while the Fort Energy's 82,000 b/d Fujairah refinery operations were halted during May-September because of a lack of feedstock. Kuwait exported 17,000 b/d to Qatar and 12,000 b/d to Singapore.

The latter had been top destination for Kuwaiti VLSFO in 2023, receiving 52pc or 39,000 b/d. KPC holds a VLSFO term contract with state-owned QatarEnergy (QE) and ExxonMobil.

Kuwait's diesel exports to Europe rose by 24pc on the year to 107,000 b/d in 2024, and jet exports rose by 33pc to 186,000 b/d. KPC had sold term middle distillate supplies for delivery during 2024 to south and east Africa, northwest Europe and to Pakistan. It negotiated term deals for 2025.

Gasoline's already low export rates decreased further last year as rising domestic demand capped available supplies. Kuwait turned into a marginal net exporter of gasoline in 2022, following completion of the Clean Fuels Project (CFP) in 2021. The CFP integrated and expanded Kuwait's other two refineries Mina Abdullah and Mina al-Ahmadi, which now have a combined capacity of 800,000 b/d.

New winds

Kuwait has established a trading subsidiary KPCT, and recently appointed its key leadership.

The Dubai-based entity is due to start commercial operations in the second quarter. KPCT will begin by trading KPC's share of output from the 230,000 b/d Duqm refinery, a 50:50 joint venture with Oman's state-owned OQ, along with oil products from its own refining system.

KPC aims to grow its share of the African market this year.

"We have a good market share in a lot of African countries. In some of them, we are the sole supplier", KPC's managing director for international marketing Sheikh Khaled Ahmad al-Sabah said. "We will keep maintaining those market shares, and there are other big opportunities in other countries which we are pursuing."

By Ieva Paldaviciute

Refinery output			000 b/d

	2024	2023	±%
Gasoline	73	76	-4
Naphtha	214	173	24
Jet-Kerosine	290	259	12
Gasoil	345	293	18
Fuel Oil	290	192	51
Total output	1,212	992	22
JODI
Total refinery output excludes LPG

Exports			000 b/d

	2024	2023	±%
Gasoline	4	12	-65
Naphtha	217	176	24
Jet-Kerosine	270	234	15
Gasoil	328	235	40
Fuel Oil	149	103	44
Total exports	968	759	28
JODI
Total product exports excludes LPG

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06/11/25

Airports named for planned US flight cancellations

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US to cut 10pc of flights at some airports: Duffy

05/11/25

US to cut 10pc of flights at some airports: Duffy

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EU-Minister einigen sich auf verzögerten ETS 2-Start

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Tanzania's Dar Es Salaam port reopens

05/11/25

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Proposed EU 2035, 2040 climate targets disappoint: NGOs

05/11/25

Proposed EU 2035, 2040 climate targets disappoint: NGOs

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Kuwait produces, exports record oil products in 2024

New winds

Related news posts

Airports named for planned US flight cancellations

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