The final shuttering of Kuwait’s Shuaiba refinery at the end of March has added some 25,000 b/d of crude to global markets. The development further hampers Opec’s spluttering efforts to reduce global stocks, which have failed to sustain crude prices. Although Kuwaiti crude production stayed flat at 2.69mn b/d last month, the percentage of its crude that was exported soared from 73% to 80%.

Crude oil represented 81% of all of Kuwait’s oil exports in April, up from 74% in...