Foreign news on July 17, the Kuwaiti government said on Monday that the country plans to increase its crude oil production capacity from the current 2.7 million barrels per day to 3.15 million barrels per day within four years.
Kuwait also intends to boost its natural gas production by 79% over the next four years, according to government plans reported by The National.
According to secondary sources in OPEC's latest Monthly Oil Market Report published last week, Kuwait is now OPEC's fifth-largest oil producer, after Saudi Arabia, Iraq, the UAE and Iran.
In May and June, Kuwait produced 2.55 million bpd of crude oil, down from 2.65 million bpd in April, and the country is one of several OPEC producers announcing further production cuts between May and December 2023 . Kuwait has pledged to cut production by 128,000 bpd as part of a total of 1.66 million bpd of production cuts.
Iran, which was exempted from cuts, has been ramping up output as Kuwait cut oil production and has surpassed Kuwait to become OPEC's fourth-largest oil producer.
OPEC stated that next year Kuwait's production quota will be 2.676 million barrels per day, and the oil-producing countries that have made additional production cuts have decided to extend the production cuts until the end of 2024, "to achieve and maintain a stable oil market and provide long-term guidance to the market. "
It is not only Kuwait that plans to increase crude oil production capacity this decade. Saudi Arabia and the United Arab Emirates also intend to increase their respective production capacity by 1 million barrels per day. The United Arab Emirates is accelerating plans to boost its oil production capacity from 4 million bpd to 5 million bpd, while Saudi Arabia, OPEC's biggest producer and the world's largest crude exporter, aims to boost its crude oil production capacity from the current level by 2027. 12 million barrels per day to 13 million barrels per day.
微信扫一扫打赏
