CEO of KPC: Kuwait oil output to hit 4m bpd in ’35; Kuwaitization at 30%.
03 April 2023, 12:00 AM
30 April 2023, 12:00 AM
CEO of the Kuwait Petroleum Corporation, Sheikh Nawaf Saud Al-Sabah, confirmed that the fluctuation in oil prices is due to the fears of some customers who face some American and Swiss banks and the possibility of an economic recession, reports Al-Rai daily. Al-Saud was speaking on the sidelines of a Ramadan Ghabqa organized by the Union of Petroleum Workers and the Petrochemical Industry.
Al-Saud added that with the operation of the Al-Zour refinery, the exported quantities will decrease, indicating that Kuwait’s share in OPEC Plus is 2.76 million barrels per day, and the increase in exports will be linked to an increase in Kuwait’s share in OPEC Plus. He pointed out to the decision if OPEC Plus to install quotas during 2023, and later on, Kuwait’s production capacity will increase, and “our plans are to reach 2.9 million, then to 3 million barrels by next year, to reach 4 million barrels by 2035. In this case, the quotas will be distributed according to what OPEC sees fit, indicating that during the last distribution quotas take into account Kuwait’s ability to increase its production.”
Al-Saud affirmed that Kuwait will maintain its current capacity and it will gradually rise, and “we are currently working to seize the opportunities that exist in the global market, especially diesel and intermediate derivatives in Europe, in light of the Russian-Ukrainian war, which opened an opportunity to increase our exports of petroleum derivatives and achieve additional profits.”
Kuwait Petroleum news 2023