KUWAIT– The State of Kuwait is seeking to boost its oil production capacity up to 4.750 million barrels per day by 2040 in line with Kuwait Petroleum Corporation’s strategy, Minister of Oil Bakheet Al-Rasheedi said on Thursday.
Al-Rasheedi, who doubles as Minister of Electricity and Water, made the press remark while receiving well-wishers who congratulated him on having been handpicked as Minister of Oil, Electricity and Water.
The oil output cut agreement between OPEC and non-OPEC producers has led to an over-50 percent stock drop since it was put in place last January, the minister added.
However, the minister said it is too early now to talk about a strategy to exit the oil output cut agreement.
He also spoke highly of the recent decision to extend the agreement till the end of next year, saying that it would create balance amid a notable improvement in the basic market factors of supply and demand.
He pointed to the emergence of several positive indicators of the world oil market, which are predicted to speed up market recovery and rebalance, hailing the compliance of OPEC and non-OPEC member producers, mainly Saudi Arabia and Russia.
Source: Kuwait News Agency