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Kuwait Oil Company to cut production by 646 thousand barrels per day to implement its share of the (OPEC+)
Kuwait Oil Company is developing a plan to implement OPEC’s new decision by cutting Kuwait oil production by 646 thousand barrels per day in order to reduce the world oil glut in the market and to stop the collapse in oil prices.
KOC hopes that the required reduction in oil production will not reduce the quantities of natural gas produced in Kuwait, which are necessary to meet the needs of the Ministry of Electricity and Water.
In order to achieve the required reduction in oil production, Kuwait will follow the alternation method between the fields by focusing on the Burgan field, which has a high degree of flexibility in adapting to the required production rates, while the other fields will play supporting roles.
Technical sources in the company believe that reducing the KOC oil production by 646 thousand barrels per day will give the opportunity to conduct mutual production operations between the various fields, which helps to revive the fields that have been in production for years, and may raise the efficiency of these fields and improve their production in later.
It is worth noting that Kuwait’s production in March 2020 amounted to 2.9 million barrels per day, and Kuwait was planning to raise its production in April to 3.15 million barrels per day, provided that the increase in oil production comes from the Khafji and Alwafra operations in the divided area between Kuwait and Saudi Arabia, as well as from other oil fields inside Kuwait.
