Kuwait’s Oil Output Set to Return to Normal After Strike Ends

20 Apr 2016   Kuwait

Kuwait’s oil production is set to return to normal in three days after thousands of striking workers returned to their jobs Wednesday. OPEC’s fourth-largest producer will boost output to an average of 3 million barrels a day in three days, according to a statement from Kuwait Petroleum Corp. on Wednesday. Output was 1.5 million barrels a day on Tuesday compared with 1.1 million on Sunday. Oil refineries are still operating at about 520,000 barrels a day, Khaled Al-Asousi, spokesman at state refiner Kuwait National Petroleum Co., said in a text message. Plants had been operating at that rate, less than 60 percent of capacity, since the strike began on Sunday. The 13,000 members of the Oil & Petrochemical Industries Workers Confederation went on strike to protest cuts in pay and benefits as Middle Eastern crude exporters reduced subsidies and government handouts to cope with falling oil prices. A global […]

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