Kuwait is making major moves to boost oil production, the country’s deputy prime minister has announced.
Speaking at the sidelines of the 8th Opec International Seminar in Vienna, Austria, Saad Al Barrak, Deputy Prime Minister, Minister of Oil and Minister of State for Economic and Investment Affairs of Kuwait, told the Emirates News Agency that the country is aiming to produce 3.2 million barrels per day (bpd) of oil by the end of 2024. Al Barrak also stated that Kuwait plans to make more than $300bn (Kd92.19bn) of investments into the energy sector by 2040.
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At the same time as announcing these new targets for increased oil production, the minister also reaffirmed Kuwait’s commitment to reach net zero by 2050. Al Barrak also noted that Kuwait is looking to support the UAE when it hosts COP28 at the end of this year. He commented: “We are ready to collaborate with the UAE to make this significant climate and environmental event hosted by the region a success. The success of the conference will be the culmination of international climate action and the cooperation and joint efforts to protect the planet.”
Kuwait is currently the world’s tenth-largest oil producer. According to the US Energy Information Administration, Kuwait produced 2.29 billion barrels per day of crude oil in 2022.
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