98 pct commitment to limiting oil output globally: Al-Marzouq
KPC considering subsidiary for trading of petroleum derivatives
KUWAIT CITY, July 29, (KUNA): The rate of commitment to the agreement on limiting oil production by OPEC and non-OPEC countries was about 98 percent last June, said Kuwait’s Minister of Oil Essam Al-Marzouq.
Kuwait has chaired the fourth meeting of the joint ministerial committee on monitoring world oil market held in Russia from July 23 to 25, where participants discussed oil output of June, Al-Marzouq, also Minister of Electricity and Water told KUNA on Friday.
Kuwait’s commitment rate from January to June 2017 was recorded at 99 percent, he noted.
The committee has called on countries with low rates to exert further efforts to limit production and achieve stability of prices in oil markets, he added.
The agreement had a positive impact on reducing overflow of oil in international markets by 90 million barrels, said Al-Mazouq. The committee is studying the possibility of extending the deal’s deadline beyond March 2018 for further achievements.
Meanwhile, the official noted that crude oil reserves in the US had decreased in the past weeks and early summer where demand on oil rises.
He expected demand to rise to about two million barrels per day in the second half of 2017, compared to the first half.
Acting Managing Director of Global Marketing Sector in Kuwait Petroleum Corporation (KPC) Emad Al-Abdulkareem says KPC is considering establishing a commercial subsidiary for trading of petroleum derivatives similar to other national oil companies, reports Al-Seyassah daily.
In a press statement, Al-Abdulkareem explained that the new company will not follow any kind of speculation in the global oil market once its establishment has been approved. It will instead focus on maximizing the added value to produce hydrocarbon substances by KPC and ensure increased flexibility in the process for serving KPC and its clients.
He affirmed that Kuwait is abiding by OPEC’s agreement to reduce oil production and export of Kuwaiti oil.
Deputy Executive Director for Exploration and Technology at KOC Ahmad Al-Eidan at the sea exploration site.
Deputy Executive Director for Exploration and Technology at Kuwait Oil Company (KOC) Ahmad AlEidan has said the company is working hard to meet the deadline for sea exploration activities that should be commencing at the latest July 2018, reports Al-Rai daily.
Al-Eidan made the disclosure during a joint sea exploration tour of the Exploration and Technology Sector and West Kuwait Sector to a location recommended at the start of logistic services for sea exploration activities.
He explained using mobile sea exploration equipment “Jackups” is about using the advanced technology having the capacity to operate in more than one well at a time. He declared the equipment can communicate with satellites to specify targets with precision before and after the operation.
He projected January 2018 as the likely period of floating tender, and the list of pre-qualified companies have been updated. He stressed the contract will be signed based on service system, indicating the “Turn Key” system of contract serves the type of sea rigs on target. Kuwait’s Ambassador to Italy Sheikh Ali Al-Khaled and senior official in the Italian Civil Protection Department (DPC) Naida Khdaidi exchange views on improving the work of Kuwaiti humanitarian organizations and benefiting
from the experience.