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Kuwait's crude oil production capacity to reach 3.2 mbpd by March, says Oil Minister

February 7, 2018

Kuwait's oil production capacity will reach 3.255 million bpd by the end of next March, Kuwait's Oil Minister and Minister of Electricity and Water Bakheet Al-Rashidi said.

Al-Rashidi said in an interview with Kuwait News Agency (KUNA) on Tuesday that the volume of Kuwaiti exports of crude oil is about 2.1 mbpd, while the daily production volume is about 2.7 million barrels in line with the agreement to cut production between the Organisation of Petroleum Exporting Countries (OPEC) and producers from outside the cartel.

On the current oil prices, he said that there is 'no specific fair price' because it changes permanently according to market conditions, as the price level reflects the state of the oil market, noting that the state of improving the fundamentals of the oil market will strengthen prices levels in the coming months.

With regard to the impact of US rock oil at price levels, he said that increased production led to imbalance of the market with the increase in supply, which contributed to the weakness of crude oil prices in previous years and other factors, pointing out that there are expectations of continued increase in rock oil production in the coming months.

WAM