Kuwait Oil Output Almost at Capacity One Day After Strike Ends

22 Apr 2016   Kuwait

Kuwait’s oil production is almost back to capacity one day after workers called off a strike that had disrupted output and sent prices rising. OPEC’s fourth-largest producer boosted output to 2.9 million barrels a day on Thursday, acting Oil Minister Anas Al-Saleh said in a letter posted on state-run Kuwait Petroleum Corp.’s Twitter account. Capacity is 3 million barrels a day, according to data compiled by Bloomberg. Production was 1.5 million barrels on Tuesday, one day before the strike ended. The 13,000 members of the Oil & Petrochemical Industries Workers Confederation walked off their jobs to protest cuts in pay and benefits amid a push by Middle Eastern crude exporters to reduce subsidies and government handouts to cope with falling oil prices. A global glut of crude has pushed prices 27 percent lower in the past year. Worldwide supply surpassed demand by 1.5 million barrels a day in the […]

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