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He told reporters after opening a lecture on GasThe institution has plans that allow it to increase production whenever the market demands it, noting that the institution is now watching meetings OPEC+ We come to determine the production quantities for the countries.
And she did Kuwait Development of a strategic plan to access the production capacity from oil to 4.75 million barrels per day by 2040.
Regarding the situation of the oil market, Al-Sabah said that uncertainty currently surrounds all markets, be it gas or oil, and confirmed that there are questions about the economic future of the world with an increase interest ratesThe expected recession in global economies and its impact on oil demand.
He pointed out that the company’s customers are still demanding the same quantities of oil right now.
The OPEC + alliance, which includes OPEC countries and allied countries, including RussiaOil production this year, as part of its quest to undo the record cuts it took in 2020, after the Corona pandemic caused a drop in demand.
However, the group has not been able to achieve the expected production increases in recent months, due to the lack of investment by some OPEC countries in oil fields, as well as the decline in Russian production.
And on production Natural gasin the morning he pointed it out Kuwait It currently produces 650 million cubic feet of gas per day and is expected to increase it to one billion.
And he said: "In the state of Kuwait we are working to keep pace with our gas production to the growing demand for gas and thus provide new investment opportunities for petrochemicals.".
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He told reporters after opening a lecture on GasThe institution has plans that allow it to increase production whenever the market demands it, noting that the institution is now watching meetings OPEC+ We come to determine the production quantities for the countries.
And she did Kuwait Development of a strategic plan to access the production capacity from oil to 4.75 million barrels per day by 2040.
Regarding the situation of the oil market, Al-Sabah said that uncertainty currently surrounds all markets, be it gas or oil, and confirmed that there are questions about the economic future of the world with an increase interest ratesThe expected recession in global economies and its impact on oil demand.
He pointed out that the company’s customers are still demanding the same quantities of oil right now.
The OPEC + alliance, which includes OPEC countries and allied countries, including RussiaOil production this year, as part of its quest to undo the record cuts it took in 2020, after the Corona pandemic caused a drop in demand.
However, the group has not been able to achieve the expected production increases in recent months, due to the lack of investment by some OPEC countries in oil fields, as well as the decline in Russian production.
And on production Natural gasin the morning he pointed it out Kuwait It currently produces 650 million cubic feet of gas per day and is expected to increase it to one billion.
He said: “We in the state of Kuwait are working to keep pace with our gas production due to the growing demand for gas and thus provide new investment opportunities for petrochemicals.”
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