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2019-04-22 08:25:00

KUWAIT OIL PRODUCTION: +370 TBD

KUWAIT OIL PRODUCTION: +370 TBD

MEOG - Kuwait Oil Company said that the first phase of heavy crude oil production at Al Ritqa, a northern Kuwaiti oilfield, is expected to hit production levels of 11,000 barrels per day (bpd) by August.

The project aims to boost heavy crude output to 430,000bpd, up from 60,000bpd, through multiple phases by January, according to the Kuwait News Agency, which cited Fatama Al-Kanderi, who oversees project planning at KOC.

Boosting heavy crude output is a major part of the country's 2040 oil production strategy. Kuwait plans to increase overall oil production capacity to 4.75mbpd by 2040, up from its current capacity of 3.15mbpd.

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Earlier: 

 KUWAIT'S GDP UP 1.7%
2019, April, 5, 09:45:00

KUWAIT'S GDP UP 1.7%

Growth has resumed, and the current account rebounded thanks to higher oil prices. Hydrocarbon output rose by 1.2 percent in 2018 after contracting a year earlier. Buoyed by a rebound in confidence and government spending, non-oil growth has accelerated to 2.5 percent.

 
 KUWAIT'S GDP GROWTH 2.5-2.9%
2019, January, 30, 11:00:00

KUWAIT'S GDP GROWTH 2.5-2.9%

IMF - Kuwait's growth is expected to strengthen. The mission has assumed an average oil price of US$57 per barrel in 2019–20, increasing to US$60 per barrel over the medium term. As capital project implementation accelerates, non-oil growth is projected to increase to about 3.5 percent in 2020. The recent OPEC decision to cut production is expected to hold oil output to 2 percent growth in 2019, which could rebound to 2.5 percent in 2020 given the spare capacity. Inflation is expected to rise in 2019–20 to about 2.5 percent as the deflationary factors in 2018 unwind.

 
 KUWAIT OIL PRODUCTION 2.8 MBD
2018, August, 3, 09:45:00

KUWAIT OIL PRODUCTION 2.8 MBD

PLATTS - Kuwait's crude oil production currently stands at 2.8 million b/d, the country's oil minister Bakheet al-Rashidi said Wednesday, up about 90,000 b/d from June levels.

 
 KUWAIT'S OIL UP
2018, July, 2, 12:15:00

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'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

 
 SHELL - KUWAIT LNG
2017, December, 25, 20:10:00

SHELL - KUWAIT LNG

BLOOMBERG - Kuwait Petroleum Corp. signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand.

 
 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.

 

Tags: KUWAIT, OIL, PRODUCTION