• 10 mins Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 2 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 4 hours Aramco In Talks With Chinese Petrochemical Producers
  • 5 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 7 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 13 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 18 hours Keystone Pipeline Restart Still Unknown
  • 22 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 1 day Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 1 day Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
When Will Oil Demand Begin To Taper Off?

When Will Oil Demand Begin To Taper Off?

As energy analysts begin announcing…

Europe’s Toxic Radiation Cloud Remains A Mystery

Europe’s Toxic Radiation Cloud Remains A Mystery

Last month’s mysterious radiation cloud…

Kuwait Plans To Boost Oil Output Capacity To 4.75 Million Bpd By 2040

Oil

Kuwait plans to increase its crude oil production capacity to 4.75 million bpd by 2040, compared to a current capacity of 3.15 million bpd, the CEO of Kuwait Petroleum International, the refining arm of Kuwait Petroleum Corp., told Bloomberg in an interview published on Thursday.  

Kuwait’s more immediate plans are to raise its capacity to 4 million bpd by 2020 and keep that capacity until 2030, when it would seek to start raising it to 4.75 million bpd by 2040, Kuwait Petroleum International’s CEO Bakheet al-Rashidi said.

“This is one of the targets, and it is not approved yet, but we will definitely go beyond 4 million barrels a day starting from 2030,” al-Rashidi told Bloomberg.

Kuwait Petroleum International (KPI) wants to add or expand refining capacity outside Kuwait and is looking at the growing markets of China, India, Vietnam, the Philippines, and Indonesia.

“We see growth in these countries, so we will be there,” al-Rashidi said.

KPI also plans to have the capacity to refine 800,000 bpd of crude oil outside Kuwait within five years, and to further raise that capacity to 1.3 million bpd after 2030, with Kuwaiti crude supplying at least 65 percent of the company’s new refineries abroad, according to the manager.

KPI has a 200,000-bpd plant under construction in Vietnam and has a preliminary agreement with PetroVietnam to expand the capacity to 400,000 bpd after 2025, al-Rashidi told Bloomberg.

According to the Kuwaiti manager, global refining capacity would jump to 110 million bpd by 2040 from 97 million bpd now, which could narrow the refining industry’s profit margins after 2024 due to possible excess capacity. 

Kuwait’s total crude oil production averaged 2.954 million bpd in 2016, according to OPEC data. This year, under the OPEC production cut agreement, Kuwait has pledged to cut 131,000 bpd off its October 2016 output, and pump no more than 2.707 million bpd. It has largely complied with its commitment so far.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News