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2018-07-02 12:15:00

KUWAIT'S OIL UP

KUWAIT'S OIL UP

REUTERS - Kuwait will raise oil output by 85,000 barrels per day (bpd)starting on Sunday, part of an agreement between OPEC and non-OPEC producers to increase production by one million bpd, Energy Minister Bakhit al-Rashidi told a local newspaper on Saturday.

"Kuwait will raise its oil production from tomorrow to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week's production cut agreement," Rashidi told Arabic-language daily Al-Rai.

OPEC agreed with Russia and other oil-producing allies this month to raise output from July by about 1 million bpd.

Saudi Arabia plans to pump up to 11 million bpd in July, and Russia has said it could increase output by more than 200,000 bpd.

Oil prices hit $80 a barrel this year for the first time since 2014, prompting consumers like the United States to raise concerns.

The output increases come as the United States has urged some OPEC members to raise output to compensate for supply losses caused by renewed U.S. sanctions on Iran.

U.S. President Donald Trump said in a tweet on Saturday that Saudi Arabia's King Salman had agreed to his request to increase oil production "maybe up to 2,000,000 barrels" to offset production from Iran and Venezuela.

There was no immediate comment from Saudi authorities.

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Earlier: 

 OIL NEED INVESTMENT
2018, June, 4, 13:40:00

OIL NEED INVESTMENT

BLOOMBERG - Energy ministers from Saudi Arabia, the United Arab Emirates, Kuwait, Algeria and Oman held an unofficial consultative meeting on Saturday in Kuwait City, the Kuwait News Agency reported, citing a statement from the joint ministerial monitoring committee of OPEC and non-OPEC countries. They discussed market conditions and the producers’ compliance with the global output cuts, it said.

 KUWAIT'S INVESTMENT $113 BLN
2018, April, 18, 13:02:00

KUWAIT'S INVESTMENT $113 BLN

AOG - Kuwait plans to invest $113bn over the next five years to enhance oil exploration and production activities both inside and outside the country

 HIGH LEVEL OF CONFORMITY
2017, March, 27, 18:55:00

HIGH LEVEL OF CONFORMITY

The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) convened in Kuwait City for its second meeting on 26 March 2017. It announced that, based on the Report of the Joint OPEC/Non-OPEC Technical Committee (JTC) for the month of February 2017, OPEC and participating non-OPEC countries have continued their progress towards full conformity with their voluntary adjustments in production.

 KUWAIT'S DEFICIT: $18.2 BLN
2016, July, 6, 18:05:00

KUWAIT'S DEFICIT: $18.2 BLN

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.

 KUWAIT'S OIL STRIKE
2016, April, 19, 18:00:00

KUWAIT'S OIL STRIKE

Thousands of workers in six oil and petrochemical companies went on strike Sunday to protest proposed government cutbacks.

 

 KUWAIT & SAUDI AGREE
2016, April, 3, 16:10:00

KUWAIT & SAUDI AGREE

Production at Khafji was halted in October 2014 because of environmental concerns. The 300,000-b/d field lies in the Saudi-Kuwaiti neutral zone. Kuwait Gulf Oil Co. and Saudi Aramco Gulf Operations Co. jointly operate it. Neither company commented on restart reports.

 СОТРУДНИЧЕСТВО РОССИИ И КУВЕЙТА
2015, November, 12, 20:00:00

RUSSIA & KUWAIT COOPERATION

Russia’s President Vladimir Putin met with Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah this week to discuss opportunities for cooperation in the fields of energy and diplomacy. The two countries also signed a memorandum for military technical cooperation.

Tags: KUWAUT, OIL, PRODUCTION