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FINANCIAL NEWS
Kuwait boosts oil output to more than 3m bpd
14 Nov 2011
(MENAFN) Kuwait’s Oil Minister, Mohammad Al-Busairi, said that starting this month, the country raised its crude oil production to more than 3 million barrels per day (bpd), reported Xinhua News.
Al-Busairi added that in order to lessen global oil prices, since September, Kuwait increased its oil output to more than 2.9 million bpd.
He also said that in June, Saudi Arabia proposed to increase the
Organization of Petroleum Exporting Countries’ (OPEC) oil output in order to offset the shortage from Libyan supplies that resulted from the civil war, however, the step was rejected by other OPEC members, forcing Kuwait and Saudi to boost their output unilaterally.
It is worth noting that this month; Kuwait’s crude oil production surpassed the country’s 2.2 million bpd production quota set by OPEC.
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