Kuwait to hike oil output in '09

By Inal Ersan
  • Tuesday, 24 June 2008 9:39 AM
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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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