Kuwait Emerging From Strike With Plans to Have Record Oil Output

26 Apr 2016   Kuwait

Kuwait plans to boost oil production to more than 3 million barrels a day within months, doubling output from where it stood during last week’s oil-worker strike. Output will climb to 3.15 million barrels a day by June, Haitham Al-Ghais, market research manager at government-owned Kuwait Petroleum Corp., said Monday in an interview in Abu Dhabi. That would be the OPEC member’s highest level of production ever, according to data compiled by Bloomberg. A three-day strike by Kuwaiti oil workers sent crude production tumbling to 1.5 million barrels a day last week. The Oil & Petrochemical Industries Workers Confederation agreed to end the walkout after the government refused to negotiate while labor was off the job. Kuwait produced 3 million barrels a day before the strike, data compiled by Bloomberg show, making it the fourth-largest member of the Organization of Petroleum Exporting Countries. “The strike is now done and […]

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