(MENAFN) Kuwait's state oil company Kuwait Petroleum Corp said that it expects that the oil prices would remain below USD100 a barrel for the next few years, Gulf Business reported.
Despite these predictions, the country's oil ministry maintained that Kuwait would nevertheless continue developing its production and refining capacity, adding that it plans to spend USD100 billion in the next five years on these projects.
These projects of boosting Kuwait's crude oil production capacity are expected to lead the country to have a capacity of 4 million per day by 2020 as compared with around 3.15 million bpd it is currently producing.
"Despite the atmosphere of falling oil prices, we in Kuwait are determined to expedite finalizing the big oil projects," Kuwait's Oil Minister said at a recent energy conference.
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