A+ A-

Kuwait abides by OPEC's oil output quota

KUWAIT, Oct 22 (KUNA) -- Kuwait has affirmed its adherence to the crude oil output quota as set by the Organization of Petroleum Exporting Organization (OPEC), estimated at 2.707 million barrels per day. (more) Jamal Jaafar, Chief Executive Officer of Kuwait Oil Company (KOC), said on Sunday that the company is committed to the production share, as decided by OPEC, estimated at 2.707 million barrels per day, indicating that there "is no necessity to hike the (crude) production." KOC's output capacity is forecast to reach 3.65 million barrels per day by 2020, Jaafar said in a statement, adding that the company production of non-associated gas has currently reached 210 million cubic feet and would exceed 500 million cf in January.
Jaafar was speaking at a ceremony organized by Schlumberger company, specialized in oil fields' services, on the occasion of employing Kuwaiti citizens.
Maan Razzouqi, the head of the North Middle East at Schlumberger, said the company hired 20 nationals, adding that it planned to employ many Kuwaitis during this year. (end) osj.rk