Kuwait Oil Company: Current Production Reaches 2 Million Barrels Per Day... Ready to Increase Output
Deputy CEO of Kuwait Oil Company confirms readiness to boost production levels despite geopolitical challenges.
Translated by Qiyas from الجريدة — Original source
Mohammed Khalifa Al-Abduljalil, Deputy Chief Executive Officer for Planning and Innovation at Kuwait Oil Company (KOC), stated that Kuwait’s current oil production stands at approximately two million barrels per day, which is below the targeted production capacity, while affirming the company’s readiness to increase output whenever the opportunity arises.
In an interview with Aqarmap on the sidelines of the 25th World Petroleum Congress held in Riyadh, Al-Abduljalil noted that the oil sector in Kuwait and Gulf countries has been affected by current geopolitical conditions, particularly regarding the transportation of crude oil and petroleum products to global markets via the Strait of Hormuz. He emphasized, however, that Kuwait’s production capacity and oil reserves have not been impacted by these developments.
He clarified that the company continues to work on maintaining and increasing its production capacity in line with the Kuwait Petroleum Corporation’s (KPC) 2030 strategy.
Al-Abduljalil pointed out that some refining facilities were affected by Iranian attacks on Kuwait, but this did not directly impact oil operations. He confirmed that operations are continuing at current production levels and that the company is prepared to increase output when suitable conditions arise.
Regarding oil prices, Al-Abduljalil said that prices are subject to supply and demand factors, noting that the current crisis has led to price increases and volatility at unexpected levels, with the possibility of further rises if geopolitical conditions persist or similar disruptions occur.
He stressed that stable oil prices serve the interests of both producing and consuming countries, helping to enhance confidence and sustain investments in strategic projects and production capacity expansion. He also highlighted that global demand for oil and petroleum products continues to grow despite the shift toward alternative energy sources.
Al-Abduljalil added that Gulf oil companies are continuing to implement plans to maintain or increase their production capacities in the coming years, given the ongoing need for oil in global markets.
On export operations, he explained that KPC, through its subsidiaries, has provided the necessary fleet for transporting crude oil and petroleum products. He noted that Kuwait Tanker Company continues its operations according to available capacity, despite the impact of current conditions on shipping movements.
He affirmed that ensuring the steady flow of oil supplies to global markets is a shared responsibility among producing and consuming countries, as well as relevant service and transportation companies. He added that placing sole responsibility for supply disruptions on one party does not reflect the nature of the challenges currently facing the sector.
