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Sat 31 Oct 2009 11:21 AM

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Kuwait oil production seen rising 30% by 2018

New report also says economy set for 1% contraction this year, back to growth in 2010.

Oil production in Kuwait is predicted to grow by nearly 30 percent by 2018, with crude volumes reaching 3.6m barrels per day, according to a new report.

Between 2008 and 2018, global research firm Business Monitor International said it was forecasting an increase in production of 29.3 percent.

Oil consumption in the same period is seen rising by 29.2 percent, with the country using 388,000 bpd by 2018.

The latest Kuwait Oil & Gas Report forecasts that the country will account for 2.71 percent of Middle East regional oil demand by 2013, while providing 10.35 percent of supply.

Regional oil use rose to 11.25m bpd in 2008 and is expected to grow to an average of 11.30m bpd this year, rising to around 12.17m bpd by 2013, the BMI report added.

It said regional oil production was set to rise to 28.01m bpd by 2013.

In terms of natural gas, Kuwait in 2008 contributed 3.29 percent to 2008 regional gas production and by 2013 is due to account for 3.16 percent of supply, the report said.

BMI said it was now forecasting that Kuwaiti real GDP will fall by one percent in 2009, following growth of 6.3 percent in 2008.

"We are assuming 2.1 percent growth in 2010, 2.5 percent in 2011, followed by 3.4 percent in 2012 and 3.7 percent in 2013," the report added.

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OIL EXPERT IN KUWAIT 10 years ago

BMI is wrong in thier forecast and they need to come to Kuwait and check out the facts. 3.6MM BPD can NEVER happen and is totally unrealistic. Maintianing current production will be difficult enough. As long as the MPs control the oil business the situaiton will be dire.