Kuwait Oil Co’s output capacity will reach 3 million barrels a day in August, excluding the portion produced in the Neutral Zone shared by Kuwait and Saudi Arabia, the state news agency KUNA reported, citing KOC chairman Sami al Rushaid.
State owned Kuwait Oil has a current production capacity of 2.9 million barrels a day and the emirate’s share in the Neutral Zone ranges between 270,000 to 300,000 barrels a day, al Rushaid said, according to KUNA.
Kuwait’s total output capacity will be 3.3 million barrels a day in August, he said.
The emirate is targeting capacity of 4 million barrels a day by 2020.
Oil Minister Sheikh Ahmad al Abdullah al Sabah said in October the country had a sustainable capacity of 3 million barrels a day.
Kuwait’s proven crude oil reserves 101.50 billion barrels and proven natural gas reserves of 1,784 billion cubic metres. Kuwait is OPEC’s fifth biggest oil producer.
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