Kuwait to boost oil out­put from 2030

Muscat Daily - - BUSINESS -

Kuwait plans to raise oil pro­duc­tion ca­pac­ity to as much as 4.75mn bar­rels from 2030 as the OPEC mem­ber builds re­finer­ies in Asia to process more of its crude, the head of state-run Kuwait Petroleum In­ter­na­tional Ltd (KPI) said.

The Gulf coun­try, which cur­rently can pump up to 3.15mn bar­rels a day, has plans to in­crease ca­pac­ity to 4mn by 2020 and to keep it at that level un­til 2030, KPI chief ex­ec­u­tive Bakheet al Rashidi said in an in­ter­view in Is­tan­bul. KPI’s par­ent, Kuwait Petroleum Corp - the com­pany in charge of the na­tion’s oil pro­duc­tion - is con­sid­er­ing boost­ing ca­pac­ity to 4.75mn bar­rels a day by 2040, he said.

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