Kuwait has begun increasing oil production and plans to lift output to 2 million barrels per day within a week after the interim US-Iran peace deal opened the Strait of Hormuz, Bloomberg reported on Thursday.

The Gulf producer has completed enough repairs to damaged energy infrastructure to restore output to prewar levels faster than previously expected, Bloomberg cited Kuwait Petroleum Corp. CEO Sheikh Nawaf Al-Sabah as saying in an interview.

Kuwait's production had fallen to as low as 500,000 barrels per day during the war after its oil fields were targeted and the closure of the Strait of Hormuz restricted access to a key shipping route for Gulf energy exports, according to the report.

Sheikh Nawaf said all force majeure notices issued during the war would be lifted "with immediate effect."

Kuwait, one of the major producers in the Gulf, had previously reduced crude oil production and refining throughout as regional tensions and shipping disruptions in the Strait of Hormuz weighed on energy exports.

The Strait of Hormuz is one of the world's most critical energy chokepoints, linking Gulf producers with global oil and liquefied natural gas markets.

Author: Mücahithan Avcıoğlu