By: Eman Ghaly

Mubasher: The exports of Kuwait’s crude oil reported a 5% month-on-month (MoM) decline during May, according to the data revealed by the Joint Organisations Data Initiative (JODI).

Crude oil exports from Kuwait recorded 1.986 million barrels per day (bpd) in May 2019, versus 2.090 million bpd in the previous month.

On an annual basis, Kuwait’s exports of oil registered a 1.68% fall when compared to 2.020 million bpd in May 2018.

As for oil production, Kuwait posted a monthly rise of 0.71% to 2.709 million bpd in May 2019, versus 2.690 million bpd in the prior month.

Moreover, Kuwait generated an increase of 0.33% in oil production during May this year, when compared to 2.700 million bpd in May 2018.

Kuwait owns the sixth largest oil reserve globally that amounts to 101.5 billion barrels, with Kuwait’s economy depending on crude oil as a main source to achieve 80% of governmental revenues, in addition to its contribution with more than 50% of the Gross domestic product (GDP).