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The Paris-based International Energy Agency (IEA) forecasts steep declines in Kuwaiti oil production through 2019. Kuwait Oil Company (KOC), the onshore upstream subsidiary of Kuwait Petroleum Corporation (KPC) begs to differ, touting $40bn of investment plans.
The IEA forecasts a decline in Kuwait’s oil production capacity to just 2.47mn b/d by 2019 – nearly 40% lower than Kuwait’s much-touted 2020 target of 4mn b/d (see graph). In a letter to MEES, KOC CEO Hashim Hashim describes the IEA’s Medium Term Oil Market Report (MTOMR) projection as “extremely negative” and “far from reality.” KOC was so starkly displeased with the MTOMR that it requested a meeting with the IEA to follow up on the issue.
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