Kuwait to raise oil output by 300,000 bpd next yearJune 24th, 2008 - 7:41 pm ICT by IANS
Kuwait City, June 24 (DPA) Kuwaiti Minister of Oil Mohamed al-Olaim has pledged that Kuwait would raise its oil production by 300,000 barrels per day (bpd) by mid-2009 and invest $55 billion on oil projects in the next five years, reports said Tuesday. Kuwait had the capacity to increase its output, the minister said in remarks published Tuesday.
Speaking to reporters after talks Monday with visiting Japanese Minister of Economy and Trade Akira Amari, al-Olaim questioned if the market needed any additional crude.
Kuwait is the fourth largest producer in the Organization of Petroleum Exporting Countries (OPEC). It is currently producing about 2.6 million barrels per day.
An oil summit bringing together consumers and producers in Saudi Arabia Sunday called for an output increase to rein soaring prices.
Saudi Arabia, Kuwait and the United Arab Emirates, the only OPEC members with a capacity to increase output, said they were ready to pump more crude if the marked needs it.
- Venezuela surpasses Saudi Arabia in oil reserves - Jul 20, 2011
- Venezuela aims to boost oil output - Dec 21, 2011
- OPEC daily basket price hits $97.34 per barrel - Jun 13, 2012
- Venezuela will become world's top oil exporter: Chavez - Dec 29, 2011
- Global oil demand to increase by five million bpd: Kuwait - Apr 26, 2010
- Ecuador wants to hike oil output - Jul 08, 2011
- Ecuador signs deals to boost oil output - Feb 02, 2012
- Wikileaks: Saudi oil reserves running low - Feb 10, 2011
- Venezuela boosts oil sales to China - Aug 14, 2012
- Colombia has record oil output in February - Mar 10, 2011
- Oil plummets on US negative credit outlook - Apr 19, 2011
- OPEC cartel faced with future risks in its 50th year - Sep 10, 2010
- Iraq nominates oil expert as OPEC chief - Mar 06, 2012
- OPEC delegates to keep oil output steady - Sep 09, 2009
- Latin America - Energising India (Comment) - Jun 21, 2012
Tags: 6 million, amari, dpa, japanese minister, june 24, kuwait city, kuwaiti minister, mohamed, next five years, oil output, oil production, oil projects, oil summit, opec, opec members, organization of petroleum exporting countries, petroleum exporting countries, producers, saudi arabia, united arab emirates