Kuwait Petroleum Corporation (KPC) says around 70 percent of the country’s oil production can be restored within six to eight weeks after the Strait of Hormuz reopens.
The estimate was provided by KPC’s Managing Director for International Marketing, Sheikh Khalid Ahmad Al Sabah.
Speaking at the S&P Global Energy Middle East Petroleum and Gas Conference in London, Sheikh Khalid said the remaining 30 percent of production would require an additional month to recover. He added that KPC’s refineries could return to normal operations within two to three weeks.
The disruption follows the closure of the Strait of Hormuz, which has caused significant turmoil in global oil markets. Kuwait’s recovery timeline is considerably shorter than some other projections. The International Energy Agency (IEA) estimates that a full recovery from the disruption could take between six and eight months.
Sheikh Khalid said the crisis has underscored the importance of oil storage facilities.
“Many people questioned the need for building oil storage facilities, but the current situation has clearly demonstrated their value,” he said.
He added that Kuwait is currently discussing oil storage projects with several friendly countries.
Other experts at the conference also called for greater investment in oil storage infrastructure across the Middle East, saying such projects are vital to strengthening energy security and reducing the impact of future supply disruptions.
