Bloomberg Talks · Oct 21, 2026
With Sheikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation
Kuwait's crude output fell to almost nothing at the height of the conflict that has closed the Strait of Hormuz for long stretches, and Sheikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation, told Romaine Bostick on Bloomberg Talks that it is now back above 2 million barrels a day. The oil market has focused on crude prices, which have stayed muted. Sheikh Nawaf says the real shortage is in refined products, where prices have spiked.
"There is no substitute for safe passage through the Strait of Hormuz." — Sheikh Nawaf Al-Sabah
Sheikh Nawaf runs the state company that has kept shipping to customers through eight months of conflict, using its own trading arm and ship-to-ship transfers outside the Strait.
The full interview is covered here so you can skip it.
Here are the 6 takeaways that matter.
Key Takeaways
Kuwait's crude output is back to "well over 2 million barrels a day" from almost nothing
Ship security, not the oil fields, is what keeps output below 2.7 million barrels a day
The tightest market is diesel and jet fuel, which need product tankers the Gulf lacks
KPC says it could return to full output immediately if a deal is reached
KPC signed a $16 billion pipeline deal with three infrastructure funds in the middle of the attacks
OPEC production quotas are of "limited use" during a global shortage
1. Shipments Kept Moving
Sheikh Nawaf opened on the promise KPC made its customers when the conflict began, and on how the company has kept it.
KPC told customers worldwide it would keep shipments moving
"We have made clear to our customers around the world that we will do everything possible to ensure that shipments continue to our customers." — Sheikh Nawaf Al-Sabah
KPC used its own trading arm and ship-to-ship transfers outside the Strait to keep that promise, even as Iranian strikes pushed further south into the Gulf of Oman.
Kuwait's crude output has climbed back from near zero to more than 2 million barrels a day
"We've been able to move our production from almost nothing, really, during the height of the crisis to well over 2 million barrels a day." — Sheikh Nawaf Al-Sabah
