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Kuwait’s oil output at over 2.8m bpd, ready to boost production

By Pramod Kumar
Reuters/Hannibal Hanschke
Kuwait Petroleum Corporation chief says country produces 650 million cubic feet of gas per day and plans to increase it to one billion.

National oil major Kuwait Petroleum Corporation’s (KPC) chief executive said that the Gulf state currently produces more than 2.8 million barrels per day of oil as per its OPEC quota, according to a Reuters report.

The country plans to boost crude oil production whenever the market needs it, Sheikh Nawaf Saud Al-Sabah added.

Kuwait produces 650 million cubic feet of gas per day and plans to increase it to one billion, he stated.

Ambiguity exists in all markets, whether gas or oil, the CEO said, adding that there are questions about the global economic outlook, especially with interest rate hikes.

OPEC+ have been ramping up oil output this year as it looks to unwind record cuts put in place in 2020 after the pandemic slashed demand.

Meanwhile, acting CEO of Kuwait Oil Company (KOC) Khaled Al-Otaibi said that the demand for oil and gas returned to pre-Covid-19 levels.

Hence, KOC is determined to increase its natural gas production in line with KPC’s strategy to meet the domestic energy demand.

Production will be increased mainly through the development of free gas production from the Jurassic fields, Al-Otaibi noted.

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