Global Arab Network | Kuwait output capacity of crude stands at 3.1 million bpd

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Kuwait output capacity of crude stands at 3.1 million bpd

Global Arab Network - - Gamal Ragay

Monday, 26 April 2010 13:10

Kuwait's current oil output capacity stands at 3.1 million barrels per day, the Oil Minister announced on Monday.

Sheikh Ahmad Al-Abdullah Al-Sabah, also the Minister of Information, said in a statement at the inauguration of the 18th convention for oil and gas in the Middle East that the output quota of Kuwait, according to Wehran accord, amounts to 2.2 million bpd, thus approximately one million bpd constitute an unused surplus, "however we are capable to producing this suprlus for securing sufficient supplies for the market if warranted."

"On the basis of our sensing of the responsibility as a main oil state and for sake of securing stability of the international markets, we are pressing ahead with investments to lift the output capacity to ensure sufficient supplies for the oil market," the Kuwaiti oil minister said.

Kuwait has strategic plans to put out up to 3.5 million bpd of crude by 2015 and four million bpd by 2020, Sheikh Ahmad Al-Abdullah stated, affirming the state commitment to the security of the oil and energy supplies.

The oil-producing country has proven throughout the years that it is a credible and reliable supplier of crude, Sheikh Ahmad noted.

Global Arab Network

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