Kuwait pumped 1.65 million barrels per day in June, up from just 580,000 bpd in May, nearly a threefold increase in a single month. This production level still sits roughly 850,000 bpd below the pre-conflict baseline of around 2.5 million bpd. Iran’s closure of the Strait of Hormuz had forced Gulf producers to cut output by 6.7 to 10 million bpd. On June 18, the lifting of force majeure allowed aggressive ramping up, with daily peaks hitting 1.9 million bpd during the final ten days of June. This crisis pushed crude above $100 per barrel while demonstrating a direct link between Gulf geopolitics and crypto market volatility.
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