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.