Saad Al-Barrak, the Deputy Prime Minister, Minister of Oil, and Minister of State for Economic Affairs and Kuwaiti Investments, announced that Kuwait plans to invest over $300 billion in the energy sector by 2040.
In an interview with the Emirates News Agency “WAM,” Al-Barrak stated that Kuwait aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024. He emphasized that “oil and its derivatives are a fundamental component of the Kuwaiti economy.”
Al-Barrak highlighted the significant gaps in global investment in the energy sector, which must be addressed to prevent crises that negatively impact markets and the global economy.
During his remarks at the 8th International OPEC Conference in Vienna, Austria, Al-Barrak affirmed that the Organization of the Petroleum Exporting Countries (OPEC) plays a vital role in the stability of the global oil market.
He added that Kuwait plays a positive role in supporting OPEC, building consensus, and fostering cooperation with member countries and clients worldwide, contributing to market stability, resilience, and development.
Regarding the United Arab Emirates’ hosting of the 28th Conference of the Parties (COP28) at the end of this year and the role Kuwait can play in its success, Al-Barrak stated, “We are ready to cooperate with our brothers in the UAE to ensure the success of this important climate and environmental event hosted by the region. The conference’s success would crown the international climate action journey through cooperation and joint efforts to protect the planet.”
He reaffirmed Kuwait’s commitment to achieving net-zero carbon emissions by 2050, highlighting the country’s focus on investing in alternative and environmentally friendly energy sources to enhance its position as a global energy hub.
