OPEC member Kuwait plans to up its crude output capacity from 3 million barrels per day to 3.2 million barrels a day by 2015, the chairman and managing director of Kuwait Oil Co. said in remarks published Monday.
OPEC member
Kuwait
plans
to up its crude output capacity from 3 million barrels per day to 3.2 million
barrels a day by 2015, the chairman and managing director of Kuwait Oil Co.
said in remarks published Monday.
The Gulf state aims to up its crude-oil production capacity by a third to 4
million barrels per day by 2030.
"The target for 2015 is to reach 3.2 million barrels per day...so what is
left is 200,000 barrels per day, which will be produced from the north of
Kuwait
,"
Sami Al-Rushaid said, according to the state-run Kuwait News Agency, or KUNA.
Kuwait
plans
to spend $100 billion on oil projects inside and outside the Gulf state over
the next five years as part of its long-term strategy to boost output, KUNA
quoted the chief executive of national oil conglomerate Kuwait Petroleum Corp. Faruq
al-Zanki as saying.
Gulf Arab producers, lead by the world's top oil exporter Saudi Arabia, have
increased their output in recent months following calls by the U.S. and other
governments to make up for displaced Iranian barrels because of international
sanctions against Tehran's nuclear program.
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