(MENAFN) Kuwait's government announced that they are planning to invest more than USD40 billion in the aim of increasing the country's production capacity of oil and gas, Arab News reported.
Kuwait said that the aim of this investment is to raise the amount of crude oil it can quarterly pump to reach 4.0 million barrels per day, by 2020, as well as expanding its production of natural gas during the same period.
"I hope that (oil) prices will not reach a level where they harm (the) national economy," Kuwait's Oil Ministry was quoted saying after the recent drop in oil prices, especially since Kuwait's oil income makes up around 94 percent of the country's public revenues.
Kuwait is a member of OPEC, which pumps about a third of global crude and produces nearly 31 million barrels per day, which is currently around one million barrels more than its official limit and Kuwait said that it does not expect that OPEC would cut its production.
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