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Kuwait: We are fully committed to an agreement to reduce crude production
KUALA LUMPUR (Reuters) - Kuwait is fully committed to an oil production cut-off agreement between the Organization of the Petroleum Exporting Countries (OPEC) and some independent producers, Kuwait's chief executive Jamal Jaafar said on Wednesday.
"We are fully committed to the agreement ... we will not raise an extra barrel" of the quota, Jafar told reporters.
OPEC and independent producers agreed to cut oil production by 1.8 million bpd between January and March 2018.
Jafar said the company would start heavy oil production by the end of 2018, with output reaching 60,000 barrels per day within six months of production.
He added that the current production of free gas is 200 million barrels per day and is expected to reach half a billion barrels per day by the end of 2017.
http://economy-news.net/content.php?id=8535
KUALA LUMPUR (Reuters) - Kuwait is fully committed to an oil production cut-off agreement between the Organization of the Petroleum Exporting Countries (OPEC) and some independent producers, Kuwait's chief executive Jamal Jaafar said on Wednesday.
"We are fully committed to the agreement ... we will not raise an extra barrel" of the quota, Jafar told reporters.
OPEC and independent producers agreed to cut oil production by 1.8 million bpd between January and March 2018.
Jafar said the company would start heavy oil production by the end of 2018, with output reaching 60,000 barrels per day within six months of production.
He added that the current production of free gas is 200 million barrels per day and is expected to reach half a billion barrels per day by the end of 2017.
http://economy-news.net/content.php?id=8535
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