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Kuwait to hike oil output in '09

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 24 June 2008
OUTPUT INCREASE: OPEC member Kuwait will increase its oil output by 300,000 barrels per day starting mid-2009. (Getty Images)
OUTPUT INCREASE: OPEC member Kuwait will increase its oil output by 300,000 barrels per day starting mid-2009. (Getty Images)

OPEC member Kuwait will increase its oil output by 300,000 barrels per day starting mid-2009, the official state news agency KUNA reported, citing Oil Minister Mohammad Al-Olaim.

Olaim "affirmed... that Kuwait is capable of increasing its oil output (currently) but wondered if the market needed that increase", KUNA reported.

Kuwait will spend $55 billion on oil projects over the coming five years, Olaim said without specifying whether the money would be allocated for production capacity expansion or other projects. (Reuters)

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