14/07/2023 by OilStoreAdministrator
According to Kuwait’s Minister of Oil, the country is aiming to increase its crude oil production to 3.2 million barrels per day (bpd) by next year’s end.
Saad Al Barrak, who is also the country’s Minister of State for Economic and Investment Affairs and Deputy Prime Minister, was speaking to the Emirates News Agency in Vienna at the eighth OPEC International Seminar when he mentioned the target. He also said that his country was planning to invest more than £200 billion in its energy industry between now and 2040.
According to data from the US Energy Information Administration, Kuwait pumped around 3 million bpd in petroleum and other liquids last year, making it the tenth-largest oil producer in the world. Production there is managed by the state-owned Kuwait Petroleum Corporation, which also markets products internationally, such as the Q8 Reubens grease range and the Q8 Haydn hydraulic oil.
Al Barrak also mentioned that his country was prepared to support the UEA as host of the COP28 climate change conference towards the end of the year, saying:
“We are ready to collaborate with the UAE to make this significant climate and environmental event hosted by the region a success. The success of the conference will be the culmination of international climate action and the cooperation and joint efforts to protect the planet.”
Despite the announced intention to increase oil production, Al Barrak also reaffirmed Kuwait’s commitment to become a net-zero emitter by 2050.
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