Kuwait plans to raise its oil output capacity by 300,000 barrels per day by mid-2009, Oil Minister Mohammad Al-Olaim said on Wednesday, clarifying a report by the official news agency KUNA.
"Yes, capacity," Olaim told reporters when asked about the KUNA report that cited him as saying the OPEC exporter planned an output increase of 300,000 bpd in a year.
Olaim declined to comment on the Gulf state's spare capacity levels. The Gulf Arab state is one of few members of the Organization of the Petroleum Exporting Countries capable of raising output.
Kuwait produced 2.58 million barrels per day in May, according to a Reuters survey, compared with 2.59 million in April.
The world's seventh-largest oil exporter, which sits on a tenth of global crude reserves, plans to boost output to 4 million bpd by 2020. (Reuters)
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