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FINANCIAL NEWS
Kuwait oil production declines to 2.7m
04 Dec 2014
(MENAFN) Kuwait’s Oil Ministry said that the country registered a decline in its oil production, as it pumped 2.7 million barrels a day, around 300.000 lower than its average daily production for the past three years, as a result of halting production at a Saudi-Kuwaiti offshore oilfield, Gulf Daily News reported.
The Oil Ministry also accused oil-producing countries which had urged OPEC to cut its output due to the declining oil prices, of doing the opposite by pumping more crude.
“Everyone wanted OEC to cut your output while they increased production and flooded the market. This is unacceptable to us and we have to preserve our market share and continue with a production level that covers our needs. After discussing the issue of cutting output at Opec, we found that there was no point in reducing production,” Kuwaiti Oil Minister reported.
Though Kuwait did not name any countries in specific, it was clear that non-OPEC member, mainly Russia, the world’s largest producer of crude which wanted OPEC to cut its production, was the target.
The Ministry insisted that OPEC intended to co-ordinate with non-OPEC oil producers over supplies and prices, as they try to solve the problem, as oil prices plummeted to their five-year low following the announcement by OPEC that it will maintain its production level.
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