Kuwait will increase oil production to two million barrels per day within one week. This surge follows the reopening of the Strait of Hormuz after a US-Iran agreement.
National output previously plummeted 55% during the conflict. Production hit a low of 573,000 barrels per day in May. The waterway normally facilitates 20% of the world's energy supply.
Supertankers carrying nearly 80 million barrels of oil are now preparing for transit. This supply influx is expected to exert downward pressure on global oil prices. Energy investors are tracking the development's impact on producer and midstream profitability.