Kuwait Plans to Up Crude Output This Year
February 09 2016 - 12:40PM
Dow Jones News
Kuwait plans to increase its crude production by 150,000 barrels
a day by the third quarter of the year despite the current slump in
oil prices, the managing director of international marketing at
Kuwait Petroleum Corp. said.
Nabil Bouresli said Kuwait plans to sign new export deals with a
number of European companies "with good prices and in large
volumes" to support the planned hike in production.
Kuwait currently produces around 3 million barrels of oil a day,
and Mr. Bouresli's comments suggest Kuwait is planning to stick to
the Organization of the Petroleum Exporting Countries' strategy of
increasing production to maintain market share, despite calls from
other members for a coordinated cut to prop up sagging crude
prices.
Gulf OPEC officials have previously said that the organization's
strategy is working, and they want to wait until the next scheduled
OPEC meeting in June, when they will have a clearer picture of how
new barrels of Iranian oil are affecting the market now that
western sanctions have ended. Iran has pledged to increase
production by a million barrels a day this year, potentially
flooding a market that already has too much supply.
Write to Summer Said at summer.said@wsj.com
(END) Dow Jones Newswires
February 09, 2016 12:25 ET (17:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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