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News // Oil and gas worldwide

Kuwait’s new Oil Minister affirms commitment to reduce production, stabilize market

27 December 2018 , 12:08Neftegaz.RU443

Kuwait City, December 27 - Neftegaz.RU. Kuwait’s newly appointed oil minister Khaled al-Fadhel has reiterated his commitment to OPEC's output reduction agreement with non-OPEC members to curb oil prices.

 

In his 1st comment following his appointment, Fadhel said his country supports all efforts aimed at stabilizing oil market. He said Kuwait is committed to the recent OPEC, non-OPEC agreements made earlier this month, which include a production cut of around 1.2 million barrels per day for 6 months starting from January.

 

Kuwait will fully adhere to its share of agreed cuts, which is about 3%. He also expected conditions in the oil market to improve in light of the new agreement that will be signed early next year with the growth in global demand. «The oil market is in a better place today than it was a few years ago,» the Kuwaiti minister said, attributing the progress to the «unprecedented» cooperation among key oil producing nations.

 

He pointed out that Kuwait has chaired the work of the Joint Ministerial Monitoring Committee (JMMC) and Joint Technical Committee (JTC) to monitor the implementation of the agreement to reduce production in 2017 and remains an active member of these committees, indicating that this agreement ends at the end of December.

 

Kuwait Oil Company (KOC) said that Kuwait currently churns out around 180,000 barrels of light crude oil per day (pd) in addition to half a billion cubic feet of free gas.

 

Light crude oil production is likely to increase to 250,000 barrels per day while gas output is expected to spike to 850 million cubic feet in 3 years, KOC's director of production operations Ali al-Kanderi. As for the distant future, he predicted that crude oil output may reach 3,650 million barrels by the year 2023.

 

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