Minister of Oil and Minister of State for National Assembly Affairs Dr. Ali Al-Omair has reaffirmed the country's plan aiming to produce four million barrels per day by 2020. The minister made the statement to reporters on Monday during the inauguration of an exhibition held on the sidelines of the 2nd Kuwait Oil and Gas Show and Conference 2015.
He said that huge efforts are being exerted to achieve this target, noting the oil sector is seeking to address big challenges. Asked about oil prices, the minister said that oil prices are determined by markets through supply and demand and the global economic growth. He said that the OPEC kept the output ceiling at 30 million barrels per day during meetings in November, 2014, and June, 2015.
Kuwait's contracts are not affected by oil prices, he said, stressing the continuation of the country's production plan. "We are seeking to achieve our aims. Today our production is about three million barrels per day," he said, noting that the production will exceed three million during the first quarter of 2016. As for the influence of US decision regarding exporting oil to the global markets, he stated that the decision will not have any impact on the OPEC.
On his part, CEO of Kuwait Petroleum Corporation Nizar Al-Adsani said in a similar statement that the US decision will only affect the light oil not the Gulf or heavy ones. He noted that Kuwait seeks to import gas from Iran and Iraq for operating electricity plants. He said that the Kuwait Oil Company signed this year a deal to establish three collection centers with a capacity of 100,000 barrels each, noting there are three facilities for the early production with a capacity of 18,000 barrels.
Al-Adsani underlined the importance of human resources in the area of industry, referring that the corporation seeks to train them for the new projects and technology. He pointed out that the oil sector needs up to 30,000 workers after the start of environmental fuel projects and Al-Zour refinery, and the expansion of drilling towers.
He said that about KD 32 billion will be invested in the five-year plan.