Kuwait to Raise Crude Capacity to 4 Million Barrels

Bloomberg reported according to Kuwait Oil Co.’s chairman, Sami al- Rushaid, Kuwait plans to raise its output capacity by about a third to 4 million barrels a day by 2020 and expand its heavy crude deposits in northern fields.

As quoted in the market news:

Kuwait, holder of about 8 percent of the world’s crude reserves, aims to start producing 60,000 barrels a day of heavy oil in 2016 by injecting steam into the deposits to heat the thick grade and make it flow to the wells, he said. The emirate plans to raise the output to 270,000 barrels a day by 2030, al- Rushaid said.

Click here to read the full Bloomberg report.