Kuwait’s oil production capacity to reach 3 million bpd in 2025

Kuwait’s oil production capacity to reach 3 million bpd in 2025

KUWAIT: Kuwait’s oil production capacity, above 2.8 million barrels per day (bpd) now, will reach 3 million in 2025, the CEO of Kuwait Oil Company Ahmad Al-Aidan said on Sunday. Aidan added in a statement to journalists on the sidelines of the KOC’s big data galaxy conference and exhibition that the company intends to spend about KD13 billion, nearly $2.42 billion, on oil-related projects during the next five years. Aidan reiterated Kuwait’s commitment to the cuts decided by OPEC and OPEC+ in early June.

OPEC+ had announced on June 4 its second round of production cuts since April, opting to reduce its crude oil production by 1.4 million barrels per day during 2024. The members have also extended their implementation of a voluntary reduction until the end of 2024, instead of increasing production at the end of 2023 as previously announced. Aidan underlined national commitments towards an output target of four million bpd by the year 2035. An emphasis on technology KOC’s big data conference is one of many initiatives the company has been taking to highlight the role technology could play in Kuwait’s oil industry.

The conference included a series of seminars and workshops on the latest trends, challenges and opportunities