Kuwait will produce 3.150 mln bpd in Q3 of 2016

2/9/2016 9:09:45 PM

(MENAFN- Emirates News Agency (WAM))

LONDON 9th February 2016 (WAM) -- Oil production of the State of Kuwait will reach about 3.150 million barrels per day in the third quarter of this year said Nabil Bouresli Managing Director for International Marketing at Kuwait Petroleum Corporation (KPC). Kuwait is currently producing about three million barrels per day he added in statement to KUNA indicating that the additional 150 million barrels in the third quarter prompts the corporation to search for new contracts and clients for marketing. He revealed that the corporation seeks to sign new contracts in the European markets soon.

Bouresli lauded the role of KPC's human resources in making deals which are a good step towards promoting Kuwait's status at the global markets.

He said KPC's policy of marketing crude oil is based on three main markets across the globe; the Far East Europe and the US.

Bouresli noted that KPC focused on marketing its production at the European markets to obtain a largest possible commercial opportunity as these markets witness "fierce competition". The KPC at the same time seeks to sign new contracts with markets in the Far East and the US he affirmed.

He expressed his optimism that oil price will rise again by the end of 2016.

The official attributed the decline in oil prices to many causes mainly oversupply either by OPEC or non-OPEC member states a slow in global economic growth the resumption of Iran's oil output and an increase in Iraq's production.

WAM/tfaham

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