Kuwait’s production of the crude oil exceeded 2.8 million barrels per day in August, the Minister of Oil and State Minister for National Assembly Affairs Dr. Mohammad Al-Busairi has said in a statement to Kuwait News Agency (KUNA).
Kuwait’s current output capacity stands at 3.50 million bpd, he added.
Price of the oil on international spot markets would have jumped to much higher levels had OPEC producers, and specifically Kuwait and Saudi Arabia, not increased their production of the crude, Al-Busairi added in his remarks to KUNA.
According to Reuters, Kuwait has not produced over 2.80 million bpd since its output peaked at 2.85 million bpd in September 2008, just before oil demand dipped in the global economic crisis.
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