Kuwait is on course to expand production capacity from around 2.9mn b/d to 3.2mn b/d by end-2024 according to senior officials. Minister of Oil Saad al-Barrak and Kuwait Petroleum Corporation (KPC) CEO Shaikh Nawaf Al Sabah both told the Opec Seminar in Vienna on 5 July that they are confident the 300,000 b/d gains are imminent, and will greatly ease capacity constraints.
Minister Barrak told the Seminar that he expects the capacity expansion work will provide Kuwait with a larger Opec+ allocation, with the producer alliance agreeing last month to switch to a new mechanism for setting allocations based on third-party capacity assessments (MEES, 9 June). (CONTINUED - 604 WORDS)
