OPEC’s fourth-largest producer currently, Kuwait, may revise down its long-term oil capacity production targets due to concerns that environmental risks will limit oil demand growth, in what would be a first acknowledgement from an OPEC member that climate change could stifle oil demand. State-owned Kuwait Petroleum Corporation (KPC) is considering lowering its oil production capacity goal of 4.75 million bpd by 2040 to 4 million bpd, Bloomberg has reported, citing a source with direct knowledge of talks about revision of targets. The company is also mulling over reducing its 2020 capacity target of 4 million bpd to 3.125 million bpd. Two years ago, Kuwait announced plans to increase its crude oil production capacity to 4.75 million bpd by 2040, compared to a current capacity of 3 million bpd. In early 2018, KPC said that it would spend around US$500 billion by 2040 to boost the Arab Gulf state’s oil […]