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Thu 12 May 2016 11:20 AM

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Kuwait to raise oil production by almost half by 2020

Gulf state plans to ramp up oil production to a record 4 million barrels a day

Kuwait to raise oil production by almost half by 2020

Kuwait is planning record oil production at 4 million barrels a day (bpd) by 2020 in a bid to secure future economic growth, Abdulaziz Al Attar, head of research at state-owned Kuwait Petroleum Corp said on Tuesday at the Platts Crude Oil Summit in London.

The country is hoping to maintain the 4 million bpd level through to 2030, marking a 44 percent increase on Kuwait's output of 2.77 million bpd in March this year, according to the latest monthly report from OPEC.

It would also be the country's highest output level ever.

"We also intend to provide fuel stock capabilities to counter for seasonality and domestic energy demand," Al Attar said.

Commenting on the three-day strike in Kuwait when production tumbled to 1.5 million bpd in last month, Al Attar said: “I don't think there will be any future risks of strikes."

The three-day strike in April, a response to higher prices for utilities and food and a possible salary freeze for the public sector, led to a fall in production to as low as 1.1 million barrels per day, down from 3 million.

According to OPEC data, Kuwait exported an average of 2 million barrels per day in 2015.

Last month, a quarter of this went to China, a 30 percent increase on the year before.

 

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