Sept 18 (Reuters) – Kuwait Petroleum Corporation’s (KPC) chief executive said on Sunday the Gulf state currently produces more than 2.8 million barrels per day of oil in accordance with its OPEC quota.
Sheikh Nawaf Saud al-Sabah also said Kuwait has plans to increase crude oil production whenever the market needs it, but currently the customers of the state-owned corporation still demand the same volumes with no change.
Kuwait produces 650 million cubic feet of gas per day, and plans to increase it to one billion, he added.
On the market environment, he said “ambiguity exists in all markets, whether gas or oil … there are questions about the world economic future, especially with the interest rates hikes and the expected recession in global economies and the extent of their impact on oil demand.”
OPEC and allies including Russia, known as OPEC+, have this year been ramping up oil output as they look to unwind record cuts put in place in 2020 after the pandemic slashed demand.
However, OPEC+ in recent months has failed to achieve its planned output increases due to underinvestment in oilfields by some OPEC members and by losses in Russian output.
(Reporting by Ahmed Hagagy; Writing by Moataz Mohamed; Editing by William Maclean and David Evans)