Kuwait begins increasing oil production


Kuwaiti Oil Minister Dr. Muhammad Al-Faris announced yesterday that his country has begun to increase production in proportion to the cooperation agreement to increase the supply in the market by 400,000 barrels per day since last August, according to the needs of the oil market.
In a press statement prior to heading a high-level Kuwaiti delegation to participate in the Saudi Green Initiative Forum to be held tomorrow, Saturday, in Riyadh, under the slogan (a new stage of work), Al-Faris stressed that Kuwait has the ability to raise production according to market needs, according to the mechanism of controlling balance in the markets to ensure its stability. And within the framework of the (OPEC +) agreement.
He explained that the State of Kuwait was and still is a safe and trusted supplier of oil to global markets and is able to increase its production in line with the (OPEC +) agreement, according to “The German”.
Al-Fares said that Kuwait gained the confidence of the oil markets through its work within (OPEC) and within the (OPEC +) alliance, as it achieved its commitment to the required production levels during the previous years, and this commitment proved its importance in restoring balance to the markets.
He pointed out that the oil sector is working according to a strategic plan by placing the necessary investments to increase production in proportion to its objectives, as the strategic directions of exploration and production activity inside Kuwait are among the priorities that aim to raise the production capacity of crude oil to 3.5 million barrels per day in 2025 and four million barrels daily in 2035 and maintained until 2040.
Al-Faris stated that the plans to raise production include the divided zone, pointing to the importance of compensating the quantities of hydrocarbons produced on an ongoing basis to preserve Kuwait’s role as an effective member of the Organization of Petroleum Exporting Countries (OPEC) to maintain the security of supply and the balance of oil markets.


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