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Kuwait aims to boost oil output in 6 years

by ChemOrbis Editorial Team - content@chemorbis.com
  • 17/11/2014 (15:06)
According to media sources, Kuwait is planning to invest around 40 billion US dollars in order to boost their crude oil production capacity to 4 million barrels/day by 2020 and maintain that level until 2030.

Saeed al-Shaheen, an executive from Kuwait’s state oil company, KOC, noted that the current low oil prices would not have an impact on Kuwait’s investments to expand its capacity. “We are a state oil company, we always look at the long-term picture and at a time when the oil price is low, it’s more economical to invest in expansion,” he added.

Late last week, Kuwait’s oil minister, Ali Al Omair, told press that he hoped that oil prices would not retreat to a level which harms the economy. However, al-Shaheen commented that there are no plans for KOC to trim their oil production from the current 3 million barrels/day.

Shaheen said, “Everyone is over-producing these days. There are no plans for us to cut from the current production level. If there are any cuts, it will be next year.”
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