Kuwaiti Oil Minister: Production increased by 400,000 barrels per day since...

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Posted on: Thursday, October 21, 2021 – 4:31 PM | Last update: Thursday, October 21, 2021 – 4:31 PM

Kuwaiti Oil Minister Dr. Muhammad Al-Faris announced today, Thursday, that his country has started to increase production in proportion to the cooperation agreement to increase the supply in the market by 400,000 barrels per day since last August, according to the needs of the oil market.

In a press statement today, before heading a high-level Kuwaiti delegation to participate in the Saudi Green Initiative Forum scheduled to be held on Saturday in Riyadh under the slogan (a new stage of work), Al-Faris stressed that Kuwait has the ability to raise production according to market needs, according to the mechanism for controlling the balance in markets to ensure their stability and within the framework of the OPEC + agreement.

He explained that the State of Kuwait was and still is a safe and reliable supplier of oil to global markets and is able to increase its production in line with the OPEC + agreement.

Al-Fares said that Kuwait gained the confidence of the oil markets through its work within (OPEC) and within the (OPEC +) alliance, as it achieved its commitment to the required production levels during the previous years, and this commitment proved its importance in restoring balance to the markets.

He pointed out that the oil sector is working according to a strategic plan by placing the necessary investments to increase production in proportion to its objectives, as the strategic directions of exploration and production activity inside Kuwait are among the priorities that aim to raise the production capacity of crude oil to 3.5 million barrels per day in 2025 and 4 million barrels per day. barrels per day in 2035 and maintained until 2040.

Al-Fares stated that the plans to raise production include the divided zone, pointing to the importance of compensating the quantities of hydrocarbons produced on an ongoing basis to maintain Kuwait’s role as an effective member of the Organization of Petroleum Exporting Countries (OPEC) to maintain the security of supply and the balance of oil markets.





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