FINANCIAL NEWS

Report: Kuwait’s oil reserves need a boost

11 Jun 2010

(MENAFN) Kuwait’s oil reserves have dropped to below 100 billion barrels as daily withdrawals are not being compensated for by an increase in stocks, Reuters reported.

Al-Rai newspaper cited oil sources saying that the probability of increasing reserves through new finds is diminishing more and more, especially due to Kuwait’s limited area, which makes technological development the only practical means to raise Kuwaiti reserves.

Kuwait, the world’s fourth-largest oil exporter, seeks to increase its oil capacity to 4 million barrels per day (bpd) from 3 million bpd in 2020 and sustain the higher capacity level for 10 years.

Kuwait’s oil reserves have been the subject of controversial public debate. In April, Oil Minister, Sheikh Ahmad Al-Abdullah Al-Sabah, said that the country was sitting on more oil than previously thought.

According to BP’s 2010 Statistical Review, the Gulf country holds nearly 101.5 billion barrels of proved reserves, about 7.6 percent of the world’s total.

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