Energy Kuwait’s oil output at over 2.8m bpd, ready to boost production By Pramod Kumar September 19, 2022, 5:36 AM 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.
Sustainability UAE to get first lithium battery recycling plant The UAE’s first lithium battery recycling plant will become fully operational by Q2 2027. The facility, a collaboration with state-backed Kezad Group and Witthal Gulf Industries, a unit of Singapore-based Witthal Group of Companies, will have the capacity to recycle 5,000 tonnes of battery waste annually by 2027. The plant is expected to save an […] 4 hours ago
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Finance Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme (EEF). The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding […] 2 hours ago
