Kuwait to produce 3m bpd to meet strong demand

OPEC member raised its production from 600,000 bpd in July amid rising demand
Kuwait to produce 3m bpd to meet strong demand
(Photo for illustrative purposes only)
By Reuters
Tue 18 Sep 2012 05:53 PM

OPEC-member Kuwait is likely to keep producing around 3 million barrels of oil a day over the next few months due to strong demand, the head of state-run Kuwait Oil Company (KOC) said on Tuesday.

OPEC price dove Kuwait raised its production by around 600,000 barrels a day (bpd) from July to around 3 million of crude oil in August.

The producer is likely to keep pumping around current levels of 3 million bpd due to more demand, KOC director Sami Al-Rushaid said.

"I expect this will continue," Rushaid told reporters on the sidelines of a conference in Dubai.

Oil output by the big three Gulf producers rose by around 400,000 barrels per day (bpd) in August from July as the sharp rise in Kuwaiti output outweighed cuts by Saudi Arabia and the United Arab Emirates.

A senior Gulf source said at the same conference that the majority of OPEC countries wanted to see oil prices fall to around $100, compared to over $113 a barrel on Tuesday.

He said KOC was producing almost 700,000 bpd from Kuwait's northern fields and that it was on track to reach 1 million bpd from those fields by 2017.

He said the state run oil producer would tender for associated gas facilities needed to increase oil production in the area towards the end of 2013.

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