The CEO of Kuwait Oil Company, Ahmed Jaber Al-Eidan, stated that Kuwait currently has oil production capacities exceeding 2.8 million barrels per day, and it is targeted to increase this to reach three million barrels per day in 2025.
However, Kuwait is committed to the cuts decided by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, according to Al-Eidan’s statement.
Al-Eidan confirms that the Kuwait Oil Company and the Kuwait Gulf Oil Company, which work with the Saudi side in the neutral zone divided between the two countries, are committed to achieving Kuwait’s strategy aimed at reaching a production capacity of four million barrels per day in 2035 and maintaining this rate until 2040.
He explained that the Kuwait Oil Company intends to spend about 13 billion dinars ($42.4 billion) on its oil projects during the next five years until 2027/2028. Most of these projects are devoted to drilling oil wells, treating wells and related services, and building a number of necessary oil facilities.