Key insights
- Kuwait's oil production is expected to reach 2.628 million bpd in June, while OPEC+ countries agreed to increase output targets by 188,000 bpd. However, geopolitical tensions in the Strait of Hormuz may limit the actual increase in supply, potentially leading to slightly higher oil prices and a marginal negative impact on US equities due to increased energy costs.
Investing.com -- Kuwait’s oil production is projected to reach 2.628 million barrels per day in June, the state news agency reported, citing the country’s oil minister.
Earlier in the day, seven OPEC+ countries agreed that they will increase oil output targets by 188,000 barrels per day in June, marking the third consecutive monthly increase.
The output targets remain largely symbolic as Gulf countries have been forced to reduce production while the Strait of Hormuz remains closed during the Iran war.
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