Kuwait's oil output to reach 4 mln bpd by 2020

13:39, June 28, 2011      

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Kuwaiti Oil Minister Mohammad Al-Busairi said Monday Kuwait was aimed at pushing up oil output to 4 million barrels per day (bpd) by 2020.

Al-Busairi said Kuwait's current output capacity was 3.5 million barrels per day, while it pumps out around 2.5 million to 2.7 million barrels.

He forecast the global oil market would need 2 million barrels per day in the third quarter of this year.

Kuwait's oil policy was decided by the independent Supreme Petroleum Council.

Kuwait is the fourth largest exporter of the Organization of Petroleum Exporting Countries (OPEC). Ninety-five percent of the revenues come from oil exports.

Source: Xinhua
 
 
     
 
 
 
     
 
 
 
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