Ahmad Jaber Al-Aidan, the CEO of Kuwait Oil Company, announced on Sunday that Kuwait’s current oil production capacity exceeds 2.8 million barrels per day and is projected to reach three million barrels by 2025.
Al-Aidan emphasized Kuwait’s commitment to the production cuts set by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+.
During a press conference, Al-Aidan affirmed that both Kuwait Oil Company and Kuwait Gulf Oil Company, which operates in the shared zone with Saudi Arabia, are dedicated to achieving Kuwait’s strategic objective of reaching a production capacity of four million barrels per day by 2035. He stated that they possess the capability to achieve this target and sustain it until 2040.
Al-Aidan further explained that Kuwait Oil Company intends to invest approximately 13 billion dinars ($42.4 billion) in its oil projects over the next five years until 2028/2027. The majority of these projects will focus on oil well drilling, well treatment, related services, and the construction of various facilities.
By implementing these plans, Kuwait aims to bolster its oil production capacity, contributing to its position as a key player in the global energy market. The country’s adherence to OPEC+ agreements and its strategic vision for the oil industry signify its commitment to maintaining stability and further economic growth.
