Kuwait to Increase Oil Production to 3.2 Mln Barrels per Day
Kuwait to Increase Oil Production to 3.2 Mln Barrels per Day © AFP 2016/ YASSER AL-ZAYYAT
19:33 25.04.2016Get short URL
Market research manager for the Kuwait Petroleum Corporation (KPC) Haitham Al-Ghais said that the oil industry in Kuwait is experiencing drastic changes because of the low oil prices.
ABU DHABI (Sputnik) – Kuwait is going to increase oil production from the current 3 million barrels per day to 3.2 million barrels by June, market research manager for the Kuwait Petroleum Corporation (KPC) Haitham Al-Ghais said Monday.
“Last Sunday, Kuwait returned to oil production amounting to three million barrels per day after a decrease due to a workers’ strike. We are planning to increase production to 3.2 million barrels per day by June,” Al-Ghais said at the Middle East Petroleum & Gas Conference (MPGC).
He noted that the oil industry in Kuwait is experiencing drastic changes because of the low oil prices.
“The Kuwaiti oil industry is under huge pressure at the moment, we are expected to increase the rational exploitation of resources and to decrease expenditure,” the KPC representative said.
He added that, having canceled state-subsidized petrol and kerosene prices, Kuwait intends to raise gasoline prices.
Last week, Kuwait oil industry employees decided to end their three-day general strike after the government threatened to ignore their demands as long as the protest continued. The oil industry workers organized the strike to secure industry-wide wage increases.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid an ongoing glut in global oil supply. The prices have since recovered to around $40-45 per barrel for the Brent crude benchmark.