Kuwait Plans To Ramp Up Oil Production By 44% Before 2020

12 May 2016   Kuwait

Kuwait Oil Refinery A senior Kuwait Petroleum Corp official has confirmed to media the company’s plans to increase production by 44 percent to almost 4 million barrels a day in 2020. The plan is a continuation of current attempts to pump as much crude as possible and tender new E&P projects in the Persian Gulf. In addition, Kuwait Petroleum Corp plans to ramp up local refining capacities. Kuwaiti crude is currently trading at around $40 a barrel, a palpable discount to international benchmark Brent. However, Kuwait boasts low-cost production, but according to a local energy analyst , $40 is below the breakeven level, and significantly so. Kamal Al-Harami has slammed the government for failing to come up with a contingency plan in case prices stay at current levels, and for doing nothing to prop them up—not that there’s a lot Kuwait could do on its own, even though it […]

Tags:

Comments are closed.