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Minister of Oil: The State of Kuwait is a safe provider of oil to global markets

21-10-2021

Minister of Oil and Minister of Higher Education Dr. Mohammed Al-Fares said today, Thursday, that the State of Kuwait was and still is a safe and reliable supplier of oil to global markets and is able to increase its production in line with the (OPEC +) agreement. This came in a press statement by Minister Al-Fares before heading a high-level Kuwaiti delegation that includes the CEO of the Kuwait Petroleum Corporation, Hashem Hashem, the Undersecretary of the Ministry of Oil, Sheikh Dr. Nimer Al-Sabah, and the President of the Environment Public Authority, Sheikh Abdullah Al-Sabah, to participate in the Saudi Green Initiative Forum to be held on Saturday in Riyadh under the slogan ( new stage of work). Al-Fares added that Kuwait gained the confidence of the oil markets through its work within (OPEC) and within the (OPEC +) alliance, as it achieved its commitment to the required production levels during the previous years, and this commitment proved its importance in restoring balance to the markets. And he indicated that Kuwait began to increase production in proportion to the cooperation agreement to increase the supply in the market by 400,000 barrels per day since last August, according to the needs of the oil market, stressing that it has the ability to raise production according to the market needs, according to the mechanism of controlling the balance in the markets to ensure its stability and within the framework of the (OPEC) agreement. +). He added that the oil sector is working according to a strategic plan by placing the necessary investments to increase production in proportion to its objectives, as the strategic directions of exploration and production activity inside Kuwait are among the priorities that aim to raise the production capacity of crude oil to 3.5 million barrels per day in 2025 and 4 million barrels per day. in 2035 and maintained until 2040. He stated that the plans to raise production include the divided zone, pointing to the importance of compensating the continuously produced hydrocarbon quantities to maintain Kuwait's role as an effective member of the Organization of the Petroleum Exporting Countries (OPEC) to maintain the security of supply and the balance of oil markets. Al-Fares stated that these trends have been transformed into an ambitious roadmap for the Kuwaiti oil sector that includes several initiatives and capital programs related to increasing crude oil production to achieve the target rate. He pointed out that the Kuwait Oil Company is currently working on implementing this plan by establishing a number of collection centers, water treatment and pumping facilities, in addition to implementing an integrated drilling program, taking into account the application of the highest international standards for operational excellence and achieving leadership and sustainability in the field of oil and gas. And he valued the efforts made by the employees of the Kuwait Oil Company to achieve the strategic goals despite the difficult circumstances that the world is still going through amid the Corona virus pandemic, stressing the concerted efforts in the oil sector to preserve Kuwait’s position and its ability to continue to meet the needs of global markets. The event will bring together global leaders from government, business, finance and civil society to unite efforts to combat climate change, protect marine life and conserve biodiversity. This event will witness an exclusive vision of the Saudi Green Initiative strategy, including the goal of achieving 50 percent of renewable energy sources by 2030 and planting 10 billion trees over the coming decades. Minister Al-Fares is scheduled to participate in one of the forum's discussion sessions, along with a number of ministers.