Kuwait Considers Hike in Oil Output

Kuwait will raise its oil production by 85.000 bopd as part of a recently reached OPEC agreement. international media reported on Sunday.

A meeting of OPEC and non-OPEC producers last week resulted in an accord to raise daily production by 1 million barrels.

Bakheet Al Rashidi. Kuwait’s minister of oil. announced the output hike to local media on Saturday. “Kuwait will raise its oil production to 2.785 million barrels. a daily increase of 85.000 compared to May. based on last week’s production cut agreement.“ he told Al Rai newspaper.

The minister did not give a date by which the production hike would be complete.

Kuwait agreed to a cut of 131.000 bopd in late 2016. For the past two years. the government has been making efforts to expand its production capacity to a target of 4 million bopd by 2020. Officials have made clear that they intend to honour OPEC production caps while expanding capacity for future growth.

About core

Check Also

Oil Prices Ease as Aramco Says Ready to Boost Crude Output

Oil prices dropped for a second session on Monday after the head of the world’s …

Leave a Reply

Your email address will not be published.