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FINANCIAL NEWS
Kuwaiti oil output to remain at 3m bpd
19 Sep 2012
(MENAFN) Kuwait Oil Company’s (KOC) director, Sami Al-Rushaid, stated that as a result of strong demand, during the coming few months, the country will maintain its oil output at 3 million barrels per day (bpd), reported Arabian Business.
Al-Rushaid said that last month, the Arab Gulf oil producer increased its daily output to nearly 3 million barrels, up by 600,000 barrels per day from July.
He added that in August, the top three Gulf producers boosted their production by nearly 400,000 bpd from a month earlier, stressing that the notable increase in the emirate’s production offset reductions by Saudi Arabia and the UAE.
It is worth noting that KOC is producing around 700,000 bpd from the country’s northern fields, with the amount expected to reach 1 million bpd in 5 years.
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