Kuwait Petroleum annual profit slips 5.8% on lower crude prices

Reuters

5 days ago

KUWAIT, Aug 1 (Reuters) - State-owned Kuwait Petroleum Corporation posted a net profit of 1.366 billion dinars ($4.47 billion) for the fiscal year ended March 31, down 5.8% year-on-year according to Reuters calculations based on the company's latest annual report.
The company and its subsidiaries posted a net profit of 1.450 billion dinars in the previous fiscal year.
KPC did not give a reason for the decline, but lower oil prices likely dented returns. The average price of Kuwaiti crude fell 5.5% to $79.70 per barrel during the 2024/25 fiscal year, down from $84.40 a year earlier, according to Kuwait-based financial advisory firm AlShall.
Despite the drop in profit, KPC subsidiary Kuwait Oil Company achieved its annual production target for the first time in seven years, with sustainable capacity reaching 2.59 million barrels per day, the report said.
Kuwait Oil Company is the country's main crude producer, alongside Kuwait Gulf Oil Company, which operates in the Neutral Zone shared with Saudi Arabia.
The report described the production milestone as "a major operational achievement" and noted that heavy crude output reached 95,000 bpd — its highest level since the heavy oil project began in 2020.